The COVID-19 pandemic’s long-lasting effects and the negative effects of the situation in Ukraine pose uncertainties for the world economy, which has already showed indications of slowing down.
The global economic picture is further clouded by persistent fiscal and monetary tightening to lower inflation in some nations, as well as supply chain disruptions and decreased industrial production.
According to forecasts from the Washington-based Institute of International Finance, global economic growth will be modest but undeniably positive at 1.2% in 2023, and Europe’s average yearly GDP growth would shrink by 2%.
Despite numerous obstacles, China has managed to keep its economy stable throughout the pandemic. In 2020, it was among the first nations to resume employment and restart businesses, and it was the only significant economy to record positive growth.

Source: Prnewswire