The United Nations Trade and Development Conference (UNCTAD) warned on Wednesday that developing countries face years of difficulty as the global economy slows amid heightened financial turbulence.
“UNCTAD expects global growth in 2023 to drop to 2.1%, compared to the 2.2% projected in September 2022, assuming the financial fallout from higher interest rates is contained to the bank runs and bailouts of the first quarter,” said the UN agency.
During the ongoing World Bank-IMF spring meetings in Washington DC, UNCTAD called for “a bold international economic agenda” to avert another lost decade for developing countries.
The UN agency said developing nations face a projected foregone income of $800 billion and battling unprecedented debt distress.
Global growth is expected to be lower than earlier projected, signaling a potential economic downturn, according to…