According to a UN report released on Thursday, India's projected economic growth for 2022 has been downgraded by more than 2% to 4.6 percent, a decrease attributed to the ongoing war in Ukraine. New Delhi is expected to face restrictions on energy access and prices, as well as trade sanctions, food inflation, tightening policies, and financial instability.

Due to shocks from the Ukraine crisis and changes in macroeconomic policies that put developing nations in particular at risk, the UN Conference on Trade and Development (UNCTAD) has lowered its global economic growth prediction for 2022 to 2.6 percent from 3.6 percent.

While Russia is anticipated to enter a serious recession this year, major economic slowdowns are expected in areas of Western Europe and Central, South, and Southeast Asia, according to the research. In 2022, India was expected to grow at 6.7 percent, but UNCTAD has cut that forecast to 4.6 percent.

While some other economies in South and Western Asia may profit from rapid increase in energy demand and pricing, they will be impeded by adversities in primary commodities markets, particularly food inflation, and will be further harmed by underlying financial instabilities, according to the report.

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