The UN on Wednesday lowered its projection for global economic growth to 1.9 per cent this year, compared to 3 per cent in 2022, with economic powerhouses Europe, China and the US all expected to experience weakened activity.
The World Economic Situation and Prospects 2023 report said the forecast marks one of the lowest growth rates in recent decades.
Economies around the world have come under pressure from the war in Ukraine and its impact on energy and food prices. Inflation has run rampant and global demand has softened, as natural disasters, Covid-19 waves and supply-chain issues have hammered countries.
UN Secretary General Antonio Guterres warned that a “severe slowdown” of the global economy looms large amid high inflation, aggressive monetary tightening and “heightened uncertainties”.
Many economies “are at risk of falling into recession, having barely recovered from the shock of the pandemic”, he said.
The World Bank this month projected global growth would decline to 1.7 per cent in 2023, from the 3 per cent forecast six months ago.
Mr Guterres urged governments around the world to strengthen fiscal support to protect vulnerable groups and increase investment in health and education to “build human capital and social cohesion for the future”.
Pointing to high inflation — which averaged about 9 per cent globally in 2022 — and aggressive monetary tightening, the 178-page report said rapid interest rate rises, particularly by the US Federal Reserve, “have had global spillover effects, triggering capital outflows and currency depreciations in developing countries, increasing balance of payment pressures and exacerbating debt sustainability risks”.
The US economy is expected to grow by only 0.4 per cent this year after an estimated growth of 1.8 per cent in 2022.
Meanwhile, the economic outlook for the EU in 2023 has “sharply deteriorated”.
The energy crisis is likely to push the European economy into a “mild” recession this winter and gross domestic product will grow by a mere 0.2 per cent, down from 3.3 per cent in 2022, the report said.
Britain’s economic prospects are “particularly bleak” as the nation faces a surge in energy bills, fiscal pressures and post-Brexit trade difficulties. Its GDP is forecasted to contract by 0.8 per cent this year.
Growth in China, the world's second-largest economy, is projected to “moderately” improve in 2023 after a weaker-than-expected performance in 2022. The economy is forecast to pick up from 3 per cent to 4.8 per cent due to the easing of Covid-related restrictions.
The UN expects the reopening of China’s economy to be “bumpy” and it is likely to “remain below the pre-crisis” trend.
The outlook is grimmer for other countries.
Pakistan’s economy is expected to expand by only 2.5 per cent this year as devastating floods in 2022 rendered more than two million people homeless, wiped out crops and destroyed or damaged vital infrastructure, including thousands of kilometres of roads and railway.
On a positive note, the report said major crude oil producers in the region, which include Iraq, Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, have witnessed rapid economic expansion.
Crude oil production grew on average by an estimated 10 per cent in 2022.
The sharp growth came despite global economic deceleration amid inflation that hit a 40-year high in the US and Europe.
“This stemmed from elevated external demand spurred by the co-ordinated crude oil production increase under the Opec+ agreement,” said the report.
UN data also pointed out that unemployment rates last year fell to pre-pandemic levels in Israel, Saudi Arabia and Turkey.
The unemployment rate of Saudi citizens declined to 9.7 per cent in the second quarter of 2022, the lowest level in 20 years, driven by an increase in women working.
Some countries are still facing a slow employment recovery.
In Jordan, the unemployment rate stood at 22.6 per cent in the second quarter of 2022, above the 19.3 per cent recorded in the first quarter of 2020.
Unemployment rates in Lebanon stood at 29.6 per cent, above the 11.4 per cent level recorded before the financial crisis that erupted in 2019.
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
Killing of Qassem Suleimani
WHEN TO GO:
September to November or March to May; this is when visitors are most likely to see what they’ve come for.
WHERE TO STAY:
Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.
HOW TO GET THERE:
Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.
Western Region Asia Cup T20 Qualifier
Sun Feb 23 – Thu Feb 27, Al Amerat, Oman
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
UAE group fixtures
Sunday Feb 23, 9.30am, v Iran
Monday Feb 25, 1pm, v Kuwait
Tuesday Feb 26, 9.30am, v Saudi
UAE squad
Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
COMPANY%20PROFILE
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THE BIO
Ambition: To create awareness among young about people with disabilities and make the world a more inclusive place
Job Title: Human resources administrator, Expo 2020 Dubai
First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group
Entrepreneur: Started his own graphic design business
Favourite singer: Avril Lavigne
Favourite travel destination: Germany and Saudi Arabia
Family: Six sisters
RESULTS
Manchester United 2
Anthony Martial 30'
Scott McTominay 90 6'
Manchester City 0
RESULT
Valencia 3
Kevin Gameiro 21', 51'
Ferran Torres 67'
Atlanta 4
Josip Llicic 3' (P), 43' (P), 71', 82'
Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes.
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Mozn%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammed%20Alhussein%2C%20Khaled%20Al%20Ghoneim%2C%20Abdullah%20Alsaeed%20and%20Malik%20Alyousef%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Riyadh%2C%20Saudi%20Arabia%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%2410%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Raed%20Ventures%2C%20Shorooq%20Partners%2C%20VentureSouq%2C%20Sukna%20Ventures%20and%20others%3C%2Fp%3E%0A
ENGLAND SQUAD
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Sam Billings, Jos Buttler, Tom Curran, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood
The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 720hp
Torque: 770Nm
Price: Dh1,100,000
On sale: now
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
UAE currency: the story behind the money in your pockets
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Killing of Qassem Suleimani
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence