World economy set to slow on war’s ‘strong headwinds,’ UN says

World economy set to slow on war’s ‘strong headwinds,’ UN says

Bloomberg: Russia’s invasion of Ukraine will act as a drag on the world economy, with developing countries at particular risk, the United Nations warned.

Global growth will probably ease to 2.5% in 2022 following last year’s 5.6% surge, the UN Conference on Trade and Development said.

UNCTAD sees a deep recession in Russia and “significant” slowdowns across Western Europe and most of Asia. While soaring food and fuel prices will increase hunger and hardship for people in poorer nations, everyone will ultimately experience reduced purchasing power, it said.