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Responding to Middle East crises and rising oil prices, the United Nations on Tuesday lowered its forecast for global economic growth and raised the prospects for inflation this year.<\/p>\n
U.N. economists said global GDP growth is now forecast at 2.5% for 2026, down from 2.7% in January, and they said it could fall to only 2.1% \u201cin a more adverse scenario.\u201d<\/p>\n
That would be one of the weakest growth rates this century, outside of the COVID-19 pandemic and the global financial crisis of 2008, Shantanu Mukherjee, director of economic analysis in the U.N. Department of Economic and Social Affairs, said at a news conference.<\/p>\n
Global inflation is projected to rise to 3.9% this year, 0.8% higher than forecast in January, before the U.S. and Israel<\/a> launched airstrikes on Iran<\/a>. That nation responded by blocking the Strait of Hormuz<\/a>, a critical waterway for shipments of oil, natural gas, fertilizer and other petroleum products. <\/p>\n \u201c Increased energy prices are a potent factor, as are the prices of refinery products that are crucial to industrial production and commercial transport,\u201d Mukherjee said.<\/p>\n But he stressed that not all countries will experience the same rate of inflation.<\/p>\n In richer developed countries, inflation is projected to rise from 2.6% in 2025 to 2.9% in 2026. In developing countries, inflation is forecast to accelerate from 4.2% to 5.2% as higher costs for energy, transportation and imported goods erode real incomes.<\/p>\n","protected":false},"excerpt":{"rendered":"Your support helps us to tell the story From reproductive rights to climate change to Big Tech, The…\n","protected":false},"author":2,"featured_media":593378,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":["post-593377","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/593377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=593377"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/593377\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/593378"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=593377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=593377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=593377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}