UN / WORLD ECONOMIC SITUATION

18-May-2022 00:02:34
The war in Ukraine has upended the fragile economic recovery from the pandemic, triggering a devastating humanitarian crisis in Europe, increasing food and commodity prices and globally exacerbating inflationary pressures, according to the latest United Nations forecast. UNIFEED
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STORY: UN / WORLD ECONOMIC SITUATION
TRT: 2:34
SOURCE: UNIFEED
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 18 MAY 2022, NEW YORK CITY / FILE
SHOTLIST
RECENT - NEW YORK CITY

1. Wide shot, exterior, United Nations

18 MAY 2022, NEW YORK CITY

2. Wide shot, briefing room
3. SOUNDBITE (English) Shantanu Mukherjee, Director, Economic Analysis and Policy Division, UN Department of Economic and Social Affairs (DESA):
“The war in Ukraine has upended a fragile economic recovery from the pandemic. Global economic growth prospects have changed dramatically since our last forecast in January when we were expecting 4 percent growth in 2002. We are now revising this global growth forecast to just 3.1 percent. This deterioration in growth prospects is broad based, including for the world's largest economies, the United States, European Union, China and many developing countries.”
4. Wide shot, briefing room
5. SOUNDBITE (English) Shantanu Mukherjee, Director, Economic Analysis and Policy Division, UN Department of Economic and Social Affairs (DESA):
“There are uncertainties in this forecast, including significant downside risks such as those due to the length of the war, the continuance of the pandemic or adverse shocks from climate change. But for now, we already see economic repercussions playing out globally through multiple channels. One of these is the surging prices and food, energy and other commodities that are driving inflation. Global inflation we are projecting will increase to 6.7 percent in 2022, which is twice the average of 2.9 percent during the past decade.”
6. Wide shot, briefing room
7. SOUNDBITE (English) Shantanu Mukherjee, Director, Economic Analysis and Policy Division, UN Department of Economic and Social Affairs (DESA):
“Inflation is rising in many countries, an additional challenge to an inclusive recovery as it disproportionately affects low-income households. Food inflation is worsening food insecurity pushing many below the poverty line. And policy responses to rising inflation can have additional knock-on effects in developing countries, as the report discusses.”
8. Wide shot, briefing room
9. SOUNDBITE (English) Hamid Rashid, Lead Author & Chief, Global Economic Monitoring Branch, Economic Analysis and Policy Division at DESA:
“There's an opportunity for ramp up global climate action. Basically, to make sure that we don't restart drilling and the world economy actually takes this as an opportunity to invest in renewables and to make sure that we don't deviate from the path of that we had before the crisis, before the pandemic and then the Ukraine crisis. That that commitment needs to be there and strengthened this time of global crisis.”

RECENT - NEW YORK CITY

13. Wide shot, exterior, United Nations
STORYLINE
The war in Ukraine has upended the fragile economic recovery from the pandemic, triggering a devastating humanitarian crisis in Europe, increasing food and commodity prices and globally exacerbating inflationary pressures, according to the latest United Nations forecast.

Speaking to journalists in New York on Wednesday, Shantanu Mukherjee, Director of Economic Analysis and Policy Division at the UN Department of Economic and Social Affairs (DESA), informed that global economic growth prospects have changed dramatically since the last forecast in January, when a 4 percent growth was expected 2002. That forecast has now been forecasted to just 3.1 percent.

According to Mukherjee, “this deterioration in growth prospects is broad based, including for the world's largest economies, United States, European Union, China and many developing countries.”

The expert said that there are uncertainties in the forecast, including significant downside risks such as those due to the length of the war, the continuance of the pandemic or adverse shocks from climate change.

For now, Mukherjee said, the economic repercussions are playing out globally through multiple channels.

One of these channels is the surging prices of food, energy and other commodities, that are driving inflation. The new report projects inflation to increase to 6.7 percent in 2022, twice the average of 2.9 percent from the past decade.

Mukherjee said this increase is “an additional challenge to an inclusive recovery, as it disproportionately affects low-income households.”

According to the expert, “food inflation is worsening food insecurity pushing many below the poverty line” and policy responses “can have additional knock on effects in developing countries, as the report discusses.”

The lead author of the report and Chief of the Global Economic Monitoring Branch, Economic Analysis and Policy Division at DESA, Hamid Rashid, told journalists about how these projections affect the fight against climate change.

For Rashid, “there's an opportunity for ramp up global climate action.”

“Basically, to make sure that we don't restart drilling and the world economy actually takes this as an opportunity to which were to invest in renewables and to make sure that we don't deviate from the path of that we had before the crisis, before the pandemic and then the Ukraine crisis,” the expert said.
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