Global Impact
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World Trade in Numbers
World growth to slow to 2.2% in 2023
Prices were already beginning to rise as a result of the pandemic's quick recovery and the ensuing supply-chain problems, but after Russia's invasion of Ukraine and the subsequent rise in the cost of oil and food commodities, inflation shot up and spread rapidly over the entire world.
Tax systems weathering COVID-19
The economic shock of COVID-19 in 2020 had an enormous impact on tax administrations. Revenue collections decreased in more than three-quarters of administrations and year-end arrears (unpaid taxes) rose significantly.
Too many jobs, not enough workers - 2023
The COVID-19 pandemic's remarkable labour market recovery in the majority of European economies is largely attributable to unprecedentedly strong policy assistance for businesses and employees in advanced economies.
Global Trends in 2023
The global recovery from the pandemic was anticipated to continue in 2022 and 2023, aided by progress with global vaccination efforts, supportive macroeconomic policies in the main economies, and favourable financial conditions, prior to Russia's war of aggression against Ukraine.
However, just as some of the supply-chain issues seemed to be receding, Russia's conflict with Ukraine is impeding global growth and escalating inflationary pressures, generating a fresh negative supply shock for the global economy.
Governments will need to boost efficiency wherever possible, diversify their energy supply, and soften the impact of rising energy prices.
The reduction of inflationary pressures and the prospect of improved consumer morale are potential bright spots despite the overall dark and uncertain picture. While the cost of the living crisis still looms big and will have a significant impact on many people, 68% of those polled for the report predicted that its intensity will lessen until 2023.
The predicted impact on food prices differs noticeably between high- and low-income countries, according to the analysis. Increased food insecurity will be experienced by a greater number of people in low-income countries as a result of rising food prices.
According to a prognosis released by the UN on Wednesday, the COVID-19 pandemic, the effects of the food and energy crises brought on by the war in Ukraine, stubbornly high prices, and the climate disaster will cause the global economy to grow by only 1.9% this year.
According to the U.N. Department of Economic and Social Affairs, which painted a somber and uncertain picture of the global economy, the present slowdown "cuts across both developed and developing countries, with many facing chances of a recession in 2023."
Antonio Guterres, the secretary-general of the United Nations, wrote in the prologue to the 178-page study that "a broad-based and severe downturn of the global economy looms large amid high inflation, aggressive monetary tightening, and heightened uncertainties."