World Economic Situation Prospects as of mid-2022 United Nations New York, 2022World Economic Situation and Prospects as of mid-2022 Summary Global growth prospects have weakened significantly amid the war in Ukraine, rising energy, food and commodity prices, soaring inflation and tightening monetary policy stances by major central banks. The world economy is projected to grow by 3.1 per cent in 2022, marking a downward revision of 0.9 percentage points from our previous forecast released in January 2022. The baseline forecast faces significant downside risks from further intensification of the war in Ukraine and potential new waves of the pandemic. Growth forecasts for the United States, European Union and China have been revised downward, with the European Union registering the most significant downward revision. The European Union economy ― most directly hit by disruptions in the energy supply from the Russian Federation ― is now expected to grow by 2.7 per cent in 2022, down from 3.9 per cent expected in January. The United States economy is expected to grow by 2.6 per cent, while