Global economic growth will decrease sharply
The World Bank (WB) continuously high inflation because of this, he sharply lowered the global economic growth forecast for 2023.
This was mentioned in the Bank’s report on the global economy. It was reported that this year the global gross domestic product (GDP) will increase by 1.7%. In the report released last summer, global economic growth was predicted at 3%.
The World Bank believes that the slowdown in global economic growth indicates that it is approaching recession. High to the decline in annual global income per capita inflation, as well as monetary tightening in some countries. The three main world leaders in terms of economic development – USA, Europe and China experienced a sharp decline in economic performance, which led to a deterioration in the market of developing countries.
Taking into account these factors, the World Bank expects global economic growth to decrease by 1.7% in 2023 and 2.7% in 2024. Besides, bank announced that economic growth forecasts for 2023 have decreased for 95% of developed countries and 70% of developing countries. (APA)
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