Global growth is expected to slow "perilously close" to recession in 2023, the World Bank said Tuesday, slashing its economic forecast on high inflation, rising interest rates and Russia's invasion of Ukraine.
The World Bank's latest forecast points to a"sharp, long-lasting slowdown" with growth pegged at 1.7 percent, roughly half the pace it predicted in June. Daniel Slim/ AFP/ File photo
The World Bank's latest forecast points to a "sharp, long-lasting slowdown" with growth pegged at 1.7 percent, roughly half the pace it predicted in June, said the bank's latest Global Economic Prospects report. These include higher-than-expected inflation, sudden spikes in interest rates to contain price increases, or a pandemic resurgence.
China is predicted to expand 4.3 percent this year, 0.9 points lower than earlier forecast, in part due to lingering pandemic disruptions and property sector weakness. "The world's three major engines of growth—the United States, the euro area, and China—are undergoing a period of pronounced weakness, with adverse spillovers for emerging markets and developing economies," the bank added.
Its growth in per capita income over this year and next is expected to average just 1.2 percent, "a rate that could cause poverty rates to rise, not fall," said the World Bank.
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