United Nations Raises Economic Growth Forecast for China, US and EU, Unveils Latest World Economic Forecast for 2023-2024

According to the Interim World Economic Situation and Prospects for Mid-2023 report issued by the United Nations, which shows that the prospects for a strong recovery of the global economy remain bleak amid rising inflation, interest rates and heightened uncertainty.

The world economy still faces the risk of long-term slow growth due to the continued impact of the Covid-19 pandemic, the impact of worsening climate change, and macroeconomic structural challenges.

According to the report, the world economy is projected to grow by 2.3% in 2023 (+0.4 percentage points from the January forecast) and 2.5% in 2024.

According to the report, China's economic growth rate this year has been revised up to 5.3%, that of the United States has been revised up to 1.1%, and that of the European Union is expected to grow by 0.9%.

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