NextGen Day

In 2023, the World Bank Group predicts that the growth of the world economy will slow to 1.7%, which is 1.3 percentage points less than what was predicted in June of last year. This would be the third-slowest growth rate in nearly 30 years.

Due to bad events like high inflation, rising interest rates, slow investment, and the Ukraine crisis, global growth has slowed “to the point that the global economy is dangerously close to falling into recession,” a report said.

It said that the downgrade was caused by “synchronized policy tightening” meant to stop very high inflation, as well as worsening financial conditions, falling confidence, and disruptions in the energy supply.

The report said that the only things that are worse than the adjusted global growth forecast are the global recessions of 2009 and 2020. The global economy is on track to grow by 2.7% in 2024.

More specifically, the report said that growth in advanced economies is expected to slow to 0.5% in 2023, which is 1.7% less than what was predicted in June.

The prediction for US economic growth this year has been cut by 1.9 percentage points to 0.5 percent, which is the worst performance outside of a recession since 1970. The economy of the Eurozone is expected to grow by 0%, which is 1.9 percentage points less than what was predicted before.

The report also said that growth in emerging and developing economies is expected to slow to 3.4% in 2023, which is 0.8% less than what was expected in June.

It also said that the volume of global trade will grow by 1.6% this year, which is 2.7% less than what was predicted before.

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