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THE United Nations on Thursday forecast slower global economic growth this year and next, pointing to the impact of the surge in US tariffs and increasing trade tensions.
UN economists also cited the volatile geopolitical landscape and threats of rising production costs, supply chain disruptions and financial turbulence.
Launching the forecast Shantanu Mukherjee, director of the economic analysis and policy division at the UN Department of Economic and Social Affairs, said: ”These days, there’s so much uncertainty in the air. It’s been a nervous time for the global economy.
“In January this year, we were expecting two years of stable — if subpar — growth, and since then, prospects have diminished, accompanied by significant volatility across various dimensions.”
The UN is now forecasting global economic growth of 2.4 per cent this year and 2.5 per cent next year — a drop of 0.4 per cent each year from its projections in January.
The UN says it expects China’s growth to be at 4.6 per cent this year from 5 per cent in 2024. In contrast, the US economy is now projected to slow significantly, from 2.8 per cent last year to 1.6 per cent this year.
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