World Bank: Global GDP to climb 2.1% in 2023
(VOVWORLD) -The World Bank on Tuesday raised its 2023 global growth forecast as the US and other major economies have proven more resilient than forecast, but said higher interest rates will cause a larger-than-expected drag next year.
 World Bank (WB) ( Illustration:VNA) |
Real global gross domestic product (GDP) will climb 2.1 percent this year, the World Bank said in its latest Global Economic Prospects report on Tuesday.
That’s up from a 1.7 percent forecast issued in January, but well below the 2022 growth rate of 3.1 percent.
The report noted that global economic growth from now to the end of the year will slow down significantly due to the prolonged effect of tight monetary policy and limited credit.