The World Bank's 2023 growth forecasts have been cut across the board, with the GlobalEconomy projected to grow by 1.7% in 2023. Economics WorldBank
by central banks and “higher-than-expected inflation” as contributing factors to the “adverse developments.”further detailed that inflation has dropped to some degree at the end of 2022. It also noted that skyrocketing commodity and energy prices have subsided for the time being. The World Bank warns, however, that global economies will likely still see inflation persist, and supply disruptions could stem from adversities such as the Covid-19 pandemic and the Ukraine-Russia war in Europe.
The report’s summary concludes that one thing that can help the global economy is by improving “long-term growth prospects by bolstering resilience to climate change.” The World Bank insists that policymakers need to “address climate change and support people affected by crises and hunger.
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