Daily Times

China’s economic growth is forecast to increase by 5.3 percent in 2023, said the UN Department of Economic and Social Affairs in its mid-2023 report on economic expectations released on Tuesday. Global economy is expected to grow by 2.3 percent in 2023, up 0.4 percentage points from a January forecast, and the prediction for 2024 has dropped to 2.5 percent, according to the UN report. The United Nations forecast a slight uptick in economic growth in the U.S., the European Union and China with U.S. growth of 1.1 percent in 2023, EU growth of 0.9 percent in 2023, and Chinese growth of 5.3 percent. However, the report said “uncertainties and poor growth prospects continue to bedevil the world economy” due to high inflation, interest rate hikes, etc, China Economic Net reported. The lingering effects of the COVID-19 pandemic, the worsening impact of climate change, dimming prospects for investment, and structural problems will continue lower growth levels. In addition, the UN said “for many developing countries, growth prospects have deteriorated amid tightening credit conditions and rising costs of external financing”. “The least developed countries are forecast to grow by 4.1 percent in 2023 and 5.2 percent in 2024, far below the 7 percent growth target set in the 2030 Agenda for Sustainable Development,” the UN report said.