Global economy growth likely to be slowest in decades

Global economic growth is forecast to slow this year amid a wave of challenges including the pandemic, Russia’s war in Ukraine and inflation.

The global economy will grow 1.9pc in 2023, down from 3pc in 2022, according to a United Nations report.

If confirmed, this would mark one of the slowest growth rates in recent decades.

The report said: “Global growth is forecast to moderately pick up to 2.7pc in 2024 if, as expected, some macroeconomic headwinds begin to subside next year. The near-term outlook remains highly uncertain.”

In October, the IMF put a 25pc probability of growth falling below 2pc next year – a phenomenon that has occurred only five times since 1970.