NextGen Day

The World Bank reduced its estimate of global growth for 2023 from 3% to 1.7% on Tuesday.

According to a report by the bank, the decline is the result of tightening monetary policy to combat high inflation, decreased investment, and disruptions brought on by the conflict in Ukraine.

Two global recessions occurring within the same decade would be unprecedented in more than 80 years, according to the bank.

In 2024, the global economy is expected to increase by 2.7 percent, down from the earlier projection of 3 percent.

According to the research, “the US, the euro area, and China are all experiencing a period of acute downturn, and the associated spillovers are worsening other challenges faced by emerging market and developing countries.”

The bank reduced its 2023 US growth forecast by 1.9 percentage points to 0.5 percent, which would be the country’s lowest performance outside of declared recessions since 1970.

China’s growth for 2022 is predicted to slow to 2.7 percent and then pick up to 4.3 percent in 2023, a 0.9 percentage point downward revision.

The eurozone economy’s 2023 growth forecast has been lowered downward by 1.9 percentage points due to increased borrowing costs and soaring energy costs, the bank said.

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