Visitors walk down the main shopping street of Nanjing East Road, one of the city’s main commercial and tourist area, in Shanghai, China, on Saturday, Sept. 30, 2023. China’s economy showed signs of a stronger recovery in September, according to a firm analyzing the global economy using satellite data. Photographer: Qilai Shen/Bloomberg

All regions, except for East and Central Asia, are expected to post slower growth this year compared to 2022, with Europe registering the largest drop, the UN Conference on Trade and Development (Unctad) said in its report. World economic growth was forecast to decelerate to 2.4 percent this year – marking recession in the global economy – from 3 percent in 2022, it added. The projection for modest growth of 2.5 percent next year depended on the eurozone’s recovery and the avoidance of adverse shocks by other leading economies, it stated.

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