The World Bank warned that risks of new supply disruptions were high, and elevated core inflation may persist. theSun theSundaily WorldBank economy recession global
A street in the shopping area of Tokyo’s Ginza district on Tuesday, Jan 10. The World Bank says major slowdowns in advanced economies could foreshadow a new global recession less than three years after the last one. – AFPPIX: The World Bank slashed its 2023 global growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate increases intensifies, Russia’s war in Ukraine continues, and the world’s major economic engines sputter.
The bank said major slowdowns in advanced economies, including sharp cuts to its forecast to 0.5% for both the United States and the eurozone, could foreshadow a new global recession less than three years after the last one. “Weakness in growth and business investment will compound the already devastating reversals in education, health, poverty and infrastructure and the increasing demands from climate change,” World Bank president David Malpass said in a statement.
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