The Global Economic Prospects report states that global growth is projected to weaken to 2.3%, which is almost half a percentage point lower than what was expected at the beginning of the year.
According to the report, this projection is based on the assumption that tariff rates between the United States and its trading partners will remain at the levels seen in late May.
While a global recession is not expected, the average global growth is set to be the slowest of any decade since the 1960s.
Nearly 70% of all economies are experiencing a decrease in growth forecasts, with the poorest countries being the most affected.
In most developing countries, growth is expected to average at 3.8% in 2025 and 3.9% in the following two years, which is more than a percentage point lower than the average in the 2010s.
This slowdown will have a significant impact on efforts by developing countries to create jobs, reduce poverty, and close income gaps with richer economies.
The Senior Vice President and Chief Economist, Indermit Gill, stated that the world economy is once again facing turbulence and without swift action, living standards could be greatly affected.
The report calls for countries to rebuild trade relations, as economic cooperation is the best option for all parties involved.
Countries are also urged to improve their business climates and promote employment by equipping workers with necessary skills.
On Tuesday, a massive new wave of Russian drone attacks killed at least three civilians and caused widespread damage in Kyiv, Odesa, and Zaporizhzhia.
The United Nations aid coordinating office, OCHA, reported that a maternity ward in Odesa was hit, causing injuries and damage to homes.
UNICEF also highlighted the impact of the violence on civilians, sharing the story of 16-year-old Sonya from Kyiv, who described the terrifying sounds of the attacks.
Russia has increased its airstrikes on Ukraine in retaliation for Ukraine’s surprise drone attacks, codenamed “Operation Spiderweb,” which occurred last week.
Despite the ongoing conflict, UN humanitarian teams and partners continue to provide aid and support to civilians in cities across Ukraine, including first aid, protection services, food, and construction materials.
The World Food Programme (WFP) has reported that for the first time ever, they have no prepositioned food supplies in Haiti for the hurricane season, which lasts from June to November.
WFP also stated that they do not have the financial resources to respond quickly to an emergency weather event in the country.
Other UN agencies have prepositioned water and sanitation kits and health supplies, but these are not enough to meet the needs of the population, especially in the absence of food.
Deputy Spokesperson Farhan Haq emphasized the danger of not having contingency stocks and operational funds, as it leaves Haiti’s most at-risk communities vulnerable during a time of heightened risk.
Haiti is already facing high levels of food insecurity and malnutrition, with over half of the population experiencing acute hunger. It is one of five countries worldwide experiencing famine-like conditions.
The ongoing armed violence by gangs in the capital and other regions has displaced over one million people, exacerbating the hunger crisis and limiting access to basic services such as clean water and healthcare.
The UN estimates that $908 million is needed to continue providing life-saving resources in Haiti, but only $78 million has been received in emergency support.
A new report from UNHCR and the Organisation for Economic Co-operation and Development (OECD) revealed that nearly one million refugees from eight countries with high asylum recognition rates have been granted entry permits to 38 destination countries between 2019 and 2023.
These permits were issued through existing systems for work, study, or family reunification.
UNHCR’s Assistant High Commissioner for Protection, Ruven Menikdiwela, stated that refugees are using the same legal channels that millions rely on every day and that there is no need for new systems, only safer access to the existing ones.
In 2023, almost 255,000 permits were issued, which is a 14% increase from 2022 and the highest number recorded since tracking began in 2010.
Countries such as Germany, Canada, the United States, the United Kingdom, and Sweden have played a leading role in granting these permits.
UNHCR is urging States to remove obstacles for refugees and integrate them into regular migration systems. They also call for stronger partnerships to expand access to legal pathways, especially as displacement and strained asylum systems continue to grow.