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