The World Bank announced on Tuesday that The world economy is expected to grow by 1.7% in 2023, which is a sharp decline from the 3% forecast in Juneas reported by Reuters.
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“The World Bank anticipates a US GDP growth in 2023 of 0.5% vs. 2.2% June forecast; the weakest result without a recession since 1970″.
“Growth prospects mitigated by the effects of monetary tightening, the slowdown in the US, the eurozone, China and the indirect effects of the war in Ukraine.”
“The World Bank sees the Eurozone GDP flat in 2023, compared to the 1.9% growth forecast in Junedue to escalating energy costs and rising borrowing costs.”
“Investment in emerging markets and developing economies is projected to grow at a rate of 3.5% through 2024, half the rate of the previous two decades.”
“China’s growth in 2022 slowed to 2.7% due to COVID lockdowns, but will recover to 4.3% by 2023.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
