<\/p>\n
Economists cut global growth outlook to 2.4% in 2025.<\/p>\n
The United Nations forecast slower global economic growth this year and next, pointing to the impact of the surge in U.S. tariffs and increasing trade tensions.<\/p>\n
UN economists also cited the volatile geopolitical landscape and threats of rising production costs, supply chain disruptions and financial turbulence.<\/p>\n
\u201cThese days, there\u2019s so much uncertainty in the air,\u201d said Shantanu Mukherjee, director of the Economic Analysis and Policy Division at the UN Department of Economic and Social Affairs.<\/p>\n
\u201cIt\u2019s been a nervous time for the global economy,\u201d he told reporters while launching the midyear forecast. \u201cIn January this year, we were expecting two years of stable \u2014 if subpar \u2014 growth, and since then, prospects have diminished, accompanied by significant volatility across various dimensions.\u201d<\/p>\n
The UN is now forecasting global economic growth of 2.4% this year and 2.5% next year \u2014 a drop of 0.4 percentage point each year from its projections in January. Last year, the global economy grew 2.9%.<\/p>\n
Mukherjee said the slowing is affecting most countries and regions, but among the most severely hit are the poorest and least developed countries, whose growth prospects have fallen from 4.6% to 4.1% just since January.<\/p>\n
\u201cThat translates into a loss of billions in economic output for the most disadvantaged of countries,\u201d which are home to over half the global population living in extreme poverty, he said.<\/p>\n
The world\u2019s developed and developing countries are also projected to suffer, according to the UN report.<\/p>\n
Economic growth in the United States is now projected to drop significantly, from 2.8% last year to 1.6% this year, it said, noting that higher tariffs and policy uncertainty are expected to weigh on private investment and consumption.<\/p>\n
China\u2019s growth is expected to slow to 4.6% this year from 5% in 2024 as a result of subdued consumer sentiment, disruptions in its export-oriented manufacturing companies, and continuing challenges in its property sector, the report said.<\/p>\n
The European Union\u2019s growth is forecast to remain the same this year as it was last year \u2014 just 1%, the report said, citing weaker net exports and higher trade barriers. The United Kingdom\u2019s economic growth of 1.1% last year is projected to fall to 0.9%.<\/p>\n
Weakening trade, slowing investments and falling commodity prices are also forecast to erode growth in other major developing economies, including Brazil, Mexico and South Africa.<\/p>\n
India will remain one of the world\u2019s fastest-growing large economies, but the UN forecast said its growth is expected to drop to 6.3% this year from 7.1% in 2024 .<\/p>\n
The UN\u2019s global economic growth forecast is lower than the International Monetary Fund\u2019s.<\/p>\n
On a more positive note, Mukherjee said the UN is expecting that bilateral negotiations will lead to lower tariffs, although he said they won\u2019t return to the levels before U.S. President Donald Trump\u2019s February announcement.<\/p>\n
Nonetheless, Mukherjee said, resolving uncertainties would help individuals and businesses move forward with economic decisions \u2014 and that would have a positive impact on the global economy.<\/p>\n
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