The World Bank (WB) lowered its forecast for global economic growth this year to 1.7%.
In a report released yesterday (10), the World Bank predicted that the growth rate of global gross domestic product (GDP) in 2023 would be 1.7%. This figure is significantly lower than the 3.0% forecast in last year’s June report.
The forecast for this year is the lowest since 1993, excluding the 2009 and 2020 recessions.
The World Bank has also forecast that next year’s global growth rate will be 2.7%, lower than last year’s 2.9%, and the average growth rate from 2020 to 2024 will be less than 2%, the lowest in five years from 1960. .
In its report, the World Bank analyzed that “developments such as higher-than-expected inflation (inflation) and sudden increases in interest rates to contain it, the resurgence of the novel coronavirus or the exacerbation of geopolitical tensions could lead the global economy to the recession”. I did it.
The World Bank said developing and emerging economies were struggling with heavy debt burdens, weak currencies and income growth, and slowing business investment.
VOA news
*This article was taken from Reuters.
