In early 2023, the global economy is expected to grow by a meager 1.7%, one of the slowest rates in decades. Even worse, this slump is coinciding with the emergence of a new economic-policy paradigm that will adversely affect global development around the world.
WASHINGTON, DC – It is now clear that economic harm touched off by the COVID-19 pandemic will not abate anytime soon. The global economy this year is expected to grow by a meager 1.7%, one of the lowest rates in decades. In developing economies, per capita income growth is expected to average just 2.8% over the next two years – a full percentage point below the average in the decade before the pandemic. The slump, moreover, is occurring just as a new paradigm is emerging in economic policy around the world. Its effects on global development will be anything but helpful.
WASHINGTON, DC – It is now clear that economic harm touched off by the COVID-19 pandemic will not abate anytime soon. The global economy this year is expected to grow by a meager 1.7%, one of the lowest rates in decades. In developing economies, per capita income growth is expected to average just 2.8% over the next two years – a full percentage point below the average in the decade before the pandemic. The slump, moreover, is occurring just as a new paradigm is emerging in economic policy around the world. Its effects on global development will be anything but helpful.