World Bank cuts 2023 world growth to 1.7pc in ‘sharp, long-lasting slowdown’

WASHINGTON, Jan 10 — Global growth is expected to slow “perilously close” to recession in 2023, the World Bank said today, slashing its economic forecast on high...

WASHINGTON, Jan 10 — Global growth is expected to slow “perilously close” to recession in 2023, the World Bank said today, slashing its economic forecast on high inflation, rising interest rates and Russia’s invasion of Ukraine.

This is among the weakest rates seen in nearly three decades, overshadowed only by the pandemic-induced recession of 2020 and global financial crisis in 2009. In advanced economies such as the United States, growth will likely slow to 0.5 per cent in 2023 — 1.9 points below June’s forecast. The outlook is “particularly devastating for many of the poorest economies, where poverty reduction has already ground to a halt,” the bank added.

For now, inflation has risen, nudged up by pandemic-era support, supply shocks and in some cases, currency depreciations relative to the US dollar.The broad-based slowdown and weak growth does not mark a recession just yet, said Ayhan Kose, head of the bank’s forecast unit.

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