ReutersThe global economy is projected to grow by 4% in 2022 - down from 5.5% last year - and expand 3.5% in 2023 amid new waves of COVID-19 infections, labor market challenges, supply-chain constraints and rising inflation, according to a U.N. report released on Thursday. The World Economic Situation and Prospects 2022 report said 2021 growth momentum - following a contraction of 3.4% in 2020 - began to slow by the end of the year, including in big economies like China, the European Union and the United States, as the effects of fiscal and monetary stimuli faded and major supply-chain disruptions surfaced. Along with the ongoing pandemic, "rising inflationary pressures in major developed economies and a number of large developing countries present additional risks to recovery," according to report by the U.N. Department of Economic and Social Affairs.

Source: CBC News January 13, 2022 10:12 UTC