World Bank President David Malpass told a media briefing that the upward revision was due to an improved outlook for China’s recovery from COVID-19 lockdowns
World Bank Group President David Malpass said on Monday that the lender has revised its 2023 global growth outlook slightly upward to 2 per cent from a January forecast of 1.7 per cent but the slowdown from stronger 2022 growth will increase debt distress for developing countries.
Advanced economies, including the U.S., are also doing a bit better than the World Bank anticipated in January, Malpass said. Malpass said that technical meetings this week with Chinese officials can help “break the ice” on potential movement on badly needed debt relief for poor countries.
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