2023-06-10 19:00:00
Written by Abdel Halim Salem
Saturday, June 10, 2023 10:00 PM
Global growth is expected to slow down in 2023 to 2.1%, and the tightening of global financial conditions and the decline in external demand will affect growth rates in emerging market and developing economies, according to The World Bank .
Downside risks include a large-scale increase in banking pressures and tightening of monetary policy, and global cooperation is needed to promote financial regulatory reform, climate change mitigation, and debt relief.
The credibility of central banks remains critical to macroeconomic stability, and fiscal space can be gradually rebuilt by more efficient spending and domestic revenue mobilization.
To reverse the potential growth slowdown will require reforms to boost both physical and human capital, the labor supply side, service productivity and trade..
Learn regarding growth expectations and the rates of their adjustment therefollowing, most of which are negative.
1- The world is expected to grow by regarding 2.4%, and the forecast was revised to negative 0.3%.
2 – Developed countries will achieve a growth rate of 1.2%, and the forecast has been revised to negative 0.4%.
3 – Emerging market countries and developing countries will achieve 3.9%. The forecast has been revised to negative 0.2%.
4 – The East Asia and Pacific region will achieve 4.6%. The forecast was revised to -0.3%.
5 – Europe and Central Asia will achieve 2.7%, and the adjustment was made to negative 0.1%.
6 – Latin America and the Caribbean will achieve 2%, and the adjustment was made to negative 0.4%.
7 – The Middle East and North Africa will achieve 3.3%. The forecast was revised to 0.6%.
8 – South Asia will achieve 5.1% and was revised to negative 0.7%.
9 – Sub-Saharan Africa would have achieved 3.9%, and following adjustment, it would not have achieved growth.
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