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U.N. warns world 'on edge of recession'

The world is on the brink of recession, UNCTAD said in projecting growth slowing to 2.2% in 2023 with cascading crises of debt, health and climate.

A scene from Durban, South Africa in March, just one month before extreme rainfall triggered deadly floods
A scene from Durban, South Africa in March, just one month before extreme rainfall triggered deadly floods that killed hundreds and forced Africa’s largest port to halt operations, causing disruptions in supply chains (AN/Axel Bührmann)

GENEVA (AN) — The world is on the brink of recession, the United Nations Conference on Trade and Development said on Tuesday in projecting global growth slowing to 2.2% in 2023 with developing countries exposed to cascading crises of debt, health and climate from lagging financial support.

The Geneva-based U.N. agency said wealthy countries' moves to curb inflation through rapid interest rate increases and fiscal tightening are making it far more difficult for poorer countries to climb back from the economic hits of the COVID-19 pandemic and Russia's war in Ukraine.

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