Global economy going into recession, 2023 growth to slow


Why the World bank slashed its global growth outlook

The World Bank slashed its global growth forecasts from projections it made in mid-2022 on the back of what it sees as broadly worsening economic conditions.

The international development institution downgraded almost all of its forecasts for advanced economies in the world, cutting its growth outlook for the global economy to 1.7% for 2023, it said in its latest report, Global Economic Prospects. The organization earlier projected the world economy to expand by 3% in 2023.

The adjustment was led by a significant downgrade to its prospects for the U.S. economy — it now forecasts 0.5% growth from an earlier projection of 2.4%.

The World Bank cut its growth outlook for China for 2023 from…


0 0 votes
Article Rating

Sweden is facing its ‘day of reckoning’ as house prices plummet

Previous article

Mortgage refinance demand surges, as homeowners take advantage of lower interest rates

Next article

You may also like

Notify of
Inline Feedbacks
View all comments

More in Economy