UN: Global economy to grow 3.1%

UNITED NATIONS: The United Nations on Wednesday (Thursday in Manila) significantly lowered its forecast for global economic growth this year from 4 percent to 3.1 percent, saying the war in Ukraine has triggered increasing global food and commodity prices and exacerbated inflationary pressures, upending the fragile recovery from the Covid-19 pandemic.

The mid-2022 forecast from the UN Department of Economic and Social Affairs said the downgrade was broad-based, including the world's largest economies — the United States, China and, most significantly, the European Union — and the majority of other developed and developing countries.