The World Bank's 2023 growth forecasts teeter on the brink of recession in multiple countries, citing 'fragile economic conditions'.
abc.net.au/news/world-bank-global-economy-recession-in-2023/101843068The World Bank has slashed its 2023 growth forecasts to levels teetering on the brink of recession for many countries.
The development lender said it expected global GDP growth of 1.7 per cent in 2023, the slowest pace — outside the 2009 and 2020 recessions — since 1993.in June 2022, the bank had forecast 2023 global growth at 3 per cent. The bank said major slowdowns in advanced economies, including sharp cuts to its forecast to 0.5 per cent for both the United States and the euro zone, could foreshadow a new global recession less than three years after the last one.
China's growth in 2022 slumped to 2.7 per cent, its second-slowest pace since the mid-1970s — after 2020 — as zero-COVID restrictions, property market turmoil and drought-hit consumption, production and investment, the World Bank report said.
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