Global Growth May Slow "Perilously Close" To Recession In 2023: World Bank
NDTV
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.
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.
Economists have warned of a slump in the world economy as countries battle soaring costs and central banks simultaneously hiked interest rates to cool demand -- worsening financial conditions amid ongoing disruptions from the war in 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, said the bank's latest Global Economic Prospects report.
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.
