World Bank predicts slowdown in global economic growth

Global economic growth will slow down to 2.1% this year due to rising interest rates and financial risks, Report informs citing the World Bank.

The growth rate of the global economy, according to forecasts, will decrease to 2.1% in 2023 compared to 3.1% in 2022, the WB specialists note.

Growth in emerging markets and developing economies, excluding China, is expected to slow to 2.9% from 4.1% last year. These projections reflect a broad downward revision in estimates. Growth estimates have been revised down for 70% of emerging markets and developing economies and nearly all advanced economies.

In January 2023, the World Bank presented a forecast that global economic growth will decline up to 1.7% this year in light of the tightening of monetary policies by some countries and disruptions in supply chains. Bank specialists then noted that there is a risk of a global recession in the event of new shocks.