The UN Conference on Trade and Development (UNCTAD) is warning that the global economy is likely to begin stalling, with only a few nations avoiding the trend of slowing growth seen in most regions last year.

In a report released by the conference on Wednesday, it said that world economic growth is expected to decline from the 3% seen last year to 2.4% in 2023. It forecasted that all regions would post slower growth this year than last year, with the exception of East and Central Asia, with the biggest declines being seen in Europe.

However the report noted that some regions have shown economic resilience in 2023, including Brazil, China, India, Japan, Mexico, Russia, and the US. The report went on to point out that among the G20 countries, only Brazil, China, Japan, Mexico, and Russia are forecast to see accelerated growth, albeit with considerable variation between nations, according to the UNCTAD.

The conference forecasts the GDP growth of Russia to be 2.2% in 2023 and 2% in 2024. The report noted that the overall volume of the nation’s energy exports, which is its main source of foreign revenues, is for the most part stable, and not prone to dramatic changes.

The UNCTAD wrote in its report that given widening inequalities, growing market concentration, and increasing debt burdens, the global post-pandemic recovery has proven highly variable from country to country, adding that the variability has provoked considerable worry about the future path of the global economy.

UNCTAD Secretary-General Rebeca Grynspan said, “We need a balanced policy mix of fiscal, monetary and supply-side measures to achieve financial sustainability, boost productive investment and create better jobs. Regulation needs to address the deepening asymmetries of the international trading and financial system.”