World Bank slashes global growth forecast for 2023 to 1.7%
(VOVWORLD) - The World Bank on Tuesday trimmed its global growth forecast for 2023 from 3% to 1.7%. The decrease is due to monetary policy tightening to tame elevated inflation, reduced investment, and disruptions caused by the conflict in Ukraine, the bank said in a report.
 At the World Bank headquarters in Washington, DC (Photo: AFP/VNA)
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“This would mark the first time in more than 80 years that two global recessions have occurred within the same decade,” the bank said.
The global economy is projected to grow 2.7% in 2024, lower than the previous estimate of 3%.
“The US, the euro area, and China are all undergoing a period of pronounced weakness, and the resulting spillovers are exacerbating other headwinds faced by emerging market and developing economies,” the report said.