2023
World Economic Situation
and ProspectsWorld Economic Situation
and Prospects
The World Economic Situation and Prospects 2023 is a report
produced by the United Nations Department of Economic and
Social Affairs (UN DESA), in partnership with the United Nations
Conference on Trade and Development (UNCTAD) and the five
United Nations regional commissions: Economic Commission
for Africa (UNECA), Economic Commission for Europe (UNECE),
Economic Commission for Latin America and the Caribbean
(UNECLAC), Economic and Social Commission for Asia and the
Pacific (UNESCAP) and Economic and Social Commission for
Western Asia (UNESCWA). The United Nations World Tourism
Organization (UNWTO) also contributed to the report.For further information, visit UNECLAC
un/en/desa or contact:José Manuel Salazar-Xirinachs, Executive Secretary
Economic Commission for Latin America and the Caribbean
UN DESA Av. Dag Hammarskj"old 3477
Li Junhua, Under-Secretary-General Vitacura
Department of Economic and Social Affairs Santiago, Chile
Room S-2922 Chile
United Nations +56-2-22102000
New York, NY 10017 secepal@cepal
USA
+1-212-9635958 UNESCAP
undesa@un Armida Salsiah Alisjahbana, Executive Secretary
Economic and Social Commission for Asia and the Pacific
UNCTAD United Nations Building
Rebeca Grynspan, Secretary-General Rajadamnern Nok Avenue
United Nations Conference on Trade and DevelopmentBangkok 10200
Room E-9042 Thailand
Palais de Nations, 8–14 +66-2-2881234
1211 Geneva 10escap-scas@un
Switzerland
+41-22-9175806 UNESCWA
sgo@unctad Rola Dashti, Executive Secretary
Economic and Social Commission for Western Asia
UNECA P.O. Box 11-8575
Antonio Pedro, Acting Executive Secretary Riad el-Solh Square, Beirut
United Nations Economic Commission for AfricaLebanon
Menelik II Avenue +961-1-981301
P.O. Box 3001unescwa/contact
Addis Ababa
Ethiopia
+251-11-5511231 ISBN: 978-92-1-109184-7
ecainfo@uneca PDF ISBN: 978-92-1-002461-7
Print ISSN: 1995-2074
UNECE
Online ISSN: 2411-8370
Olga Algayerova, Executive Secretary
United Nations Economic Commission for Europe United Nations publication
Palais des NationsSales No. E.23.II.C.1
CH-1211 Geneva 10
SwitzerlandCopyright @ United Nations, 2023
+41-22-9174444 All rights reserved
unece_info@unForeword
This 2023 edition of the United Nations flagship that exacerbates inequality, increases suffering
report, World Economic Situation and Prospects, and could put the SDGs farther out of reach.
comes at a pivotal moment for the global economy.
Instead, the report argues that our unprecedented
The growth of the world’s population to 8 billion
times demand unprecedented action.
people is a testament to improved nutrition,
public health and sanitation. But as our human This action includes a transformative SDG stimulus
family grows larger, it is more unequal and package, generated through the collective and
divided than ever. concerted efforts of all stakeholders. Government
spending, especially focused public investments,
Billions of people are struggling; hundreds of
would help to reinvigorate growth and support
millions face hunger and even famine. People in the
an inclusive and sustainable recovery. This
richest countries can expect to live up to 30 years
report shows that such spending can boost
longer than those in the poorest. Countries in the
investment in physical and social infrastructure,
Global South are drowning in debt, with poverty and
ease supply-side constraints and create jobs,
hunger increasing as they face the growing impacts
reducing inflationary pressures.
of the climate crisis – a case study in inequality.
During these challenging times, Governments
Vast swathes of the world have no chance of
around the world must also strengthen fiscal
investing in a sustainable recovery from the
support to protect vulnerable groups, increasing
pandemic, a transition to renewable energy,
investment in health and education to build
or education and training so their people
human capital and social cohesion for the future.
can benefit from the digital revolution.
Most importantly, Governments must step up
Against this backdrop, World Economic Situation
the fight against climate change, accelerating the
and Prospects presents a grim economic outlook
transition to clean energy and building resilience
for the near-term.
against future crisis. Without this transformation,
A broad-based and severe slowdown of the the climate emergency could overwhelm all efforts
global economy looms large amid high inflation, to achieve the SDGs.
aggressive monetary tightening, and heightened
This report shows that bold, targeted and timely
uncertainties. Many economies are at risk of falling
fiscal measures, coupled with strong international
into recession, having barely recovered from
support and debt restructuring, can help turn
the shock of the pandemic.
around the world economy and accelerate
The fiscal space of developing countries is under progress towards sustainable development.
siege from exchange rate depreciation, high It is an important contribution as we continue
borrowing costs and rising debt distress. Tightening to work closely with Member States to build
global monetary conditions will make it even more a more resilient, inclusive, and sustainable
difficult to finance investments in the 2030 Agendaworld economy for the benefit of all.
and the Sustainable Development Goals.
While taming inflation remains a key near-term
objective, policymakers must also consider trade-
offs with slower growth, employment losses and
international spillovers. This is not the time for António Guterres
short-term thinking or knee-jerk fiscal austerityUnited Nations Secretary-General
III