Inspenet, June 7, 2023
The World Bank increased its global growth forecast this week to 2.1% in 2023, four tenths more than its previous estimates, while it reduced its growth prospects for 2024 by three tenths, to 2.4%.
The agency warned, however, of the vulnerability of developing economies due to the effects of rate hikes to combat inflation.
World Bank points to vulnerability of developing economies amid global uncertainty
In its new Global Outlook report, the World Bank made it clear that the resilience shown by most countries throughout 2022, when the global economy grew by 3.1% despite the energy crisis and the war in Ukraine, is will vanish.
“I fear this is another gloomy report as we expect last year’s sharp and synchronized slowdown to continue into this year,” the bank’s chief economist, Indermit Gill, said in a media call, noting that the poor growth will be synchronized. because two out of three economies will have a lower growth rate this year than last year.
Source : News from Here
Photo : Editorial credit: rafapress / Shutterstock.com
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