"Sluggish global growth is projected to slow further," said Antonio Guterres, the UN's secretary-general. Global economic growth was stronger than the UN and many other forecasters expected in 2023, largely due to the resilience of consumer spending in the U.S. in the face of rising borrowing costs. It also expects to see a slowdown in China, the world's second-largest economy. By contrast, the UN expects to see a pickup in eurozone economic growth after a sharper than expected slowdown in 2023. The UN said it expects global inflation to slow further from the three-decade peak reached in 2022, to 3.9% from 5.7% in 2023.

Source: Wall Street Journal January 04, 2024 17:31 UTC