WASHINGTON : The World Bank slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia's war in Ukraine continues, and the world's major economic engines sputter.The development lender said it n
WASHINGTON : The World Bank slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia's war in Ukraine continues, and the world's major economic engines sputter.
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. The bleak outlook will be especially hard on emerging market and developing economies, the World Bank said, as they struggle with heavy debt burdens, weak currencies and income growth, and slowing business investment that is now forecast at a 3.5 per cent annual growth rate over the next two years - less than half the pace of the past two decades.
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. It predicted a rebound to 4.3 per cent for 2023, but that is 0.9 per centage-point below the June forecast due to the severity of COVID disruptions and weakening external demand.
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