‘Precarious’: World Bank Issues Dire Global Economic Forecast

  • The expansion of the global economy will significantly decelerate in 2023 and 2024, according to a report by the World Bank published on Tuesday.
  • “The world economy is in a precarious position,” said Indermit Gill, the World Bank Group’s chief economist and senior vice president. The institution forecasts global growth to slow down from 3.1% in 2022 to 2.1% in 2023, according to the World Bank’s Global Economic Prospects report.
  • The U.S. economy is projected to grow 1.1% in 2023 and slow down to 0.8% in 2024 primarily due to the continuing effects of interest rate hikes since March 2022, according to the report.
  • The World Bank expects global trade expansion to decelerate from 6% in 2022 to 1.7% in 2023, according to the report.
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