The 1.7% projected global economic growth in 2023 is one of the worst results in 30 years.
The World Bank sharply cut growth forecasts for most countries and warned that further adverse shocks could send the global economy into recession. Bloomberg reported this on January 10.
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Global GDP is expected to increase by 1.7% this year, almost half of what was predicted in June (3.0%).
It is emphasized that this will be the third worst result in the last three decades, due to the fall of 2009 and 2020.
The World Bank also cut its estimate for economic growth for 2024, saying persistent inflation and higher interest rates were among the main reasons. He also noted the impact of Russia’s invasion of Ukraine and the decline in investment.
According to World Bank President David Malpass, GDP in emerging market and developing countries at the end of next year will be 6% below the level expected on the eve of the Covid-19 pandemic.
He also said that the effects of a period of marked weakness in the US, China and the EU are exacerbating the situation in poor countries.
The World Bank has called for a “significant increase in investment” for developing countries, including new funding from the international community and a reallocation of current spending such as inefficient agricultural and fuel subsidies.
Recall that in 2022, the Ukrainian economy suffered the greatest losses and losses in the entire history of independence. Preliminarily, the decline in the country’s GDP is estimated at 30.4%.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.