World Bank forecasts 2% growth of the world economy in 2023
The World Bank has revised the outlook for the global economy for this year slightly upwards to 2%. World Bank president David Malpass warned, however, that the current turmoil in the banking sector and rising oil prices could slow the rate of growth of the global economy in the second half of 2023, Biziday reports.
This year's economic slowdown, compared to 2022, amplifies a debt crisis for developing countries. David Malpass explained in a press conference that the revision is due to an improved outlook for China's economic recovery after the removal of pandemic-related restrictions. According to him, advanced economies, including the US and Europe, are doing better than the World Bank anticipated in January.
