The United Nations Development Conference (Unctad) released this Thursday (24) its updated forecast report, in which it highlights that the economy of Russia, which has been suffering significant international sanctions as a result of the invasion of Ukraine, will fall 7, 3% in 2022.
Six months ago, the UN agency predicted that the Russian economy would grow by 2.3% this year, but given the economic consequences of the war, it decided to lower that forecast by 9.6 points and now predicts that Russia will be the most affected country. for the economic consequences of the war that started a month ago.
As a result of this downward revision in Russia, the Unctad also calculates that Europe’s economy will grow by just 0.9%, compared to the 3% estimated half a year ago, a percentage that would place the Old Continent well below predicted GDP increases. in the Americas (2.4%) and Asia (3.8%).
In the European Union, the United Nations agency predicts that growth this year will be 1.6%, less than half of what it predicted in September (3.3%). Not all EU countries will be equally affected and therefore Germany, highly dependent on Russian gas, will grow by just 1.4% (1.8 points less than calculated six months ago), while France will grow by 2, 4% (one point less) and Italy 1.6% (1.4 points less), according to the entity’s forecasts. For the United Kingdom, the report released today by the agency forecasts growth of 1.3% this year, nine tenths less than the 2.1% calculated in September.
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