Major powers fuel new conflicts as aid to poorer nations declines

Europe’s new age of conflict is colliding with a retreat from development aid, leaving poorer countries to absorb the economic shockwaves of crises largely driven by major powers.

In its midyear World Economic Situation and Prospects update on Tuesday, the U.N. Department of Economic and Social Affairs lowered its global growth forecast for 2026 to 2.5%, warning that the war in the Middle East, higher energy prices and financial volatility are hitting vulnerable economies hardest.

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