The World Bank Group President, David Malpass says global growth is expected to be weak in 2023, slowing to two per cent from 3.1 per cent in 2022.
“The duration mismatch will take time to digest. With inflation persistent and the dollar weakening, the risk is that the losses will be allocated to those with lower incomes, including through inflation.’’Malpass said the second major problem was that the available global capital was being absorbed by a narrow group of advanced economies that have extremely high government debt levels.“I will call them sinkholes.
’’According to him, China’s Gross Domestic Product growth is rebounding to more than five per cent in 2023, with strong private investment.“I note the stability of China’s currency and the countercyclical nature of its monetary policy. I was in China in December as they ended the lockdown.Malpass said India continued to be one of the fastest-growing major economies in the world.“We are looking for growth of 6.3 per cent in their FY23/24. They will feel some effects from the global slowdown.
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