UN Climate Change High Level Champion for Egypt Mahmoud Mohieldin giving a speech
"Possibilities of global recession in 2023 are not slim, recession will affect the global scene unless strong indicators to control inflation emerge," Mohieldin said.
He called on developing countries to rely on local sources for finance as well as request long-term repayment or reduction of debt installments from creditors.
The UN Special Envoy on Financing 2030 Sustainable Development Agenda noted that any expectations for economic performance in 2023 must depend on updated detailed reports for each country.
These reports, he added, would require accurate monitoring of economic changes without, however, losing sight of the risks, opportunities, and general economic directions specific to each country.
In the interview, Mohieldin predicted that the rise in energy prices in the last few months and the boosting of local investments may reduce the impact of the predicted global economic recession on some Arab countries