Global growth is expected to slow “perilously close” to recession in 2023, the World Bank said Tuesday, slashing its economic forecast on high inflation, rising interest rates and Russia’s invasion of Ukraine. Economists have warned of a slump in the world economy as countries battle soaring costs and central banks simultaneously hiked interest rates to […]
Global growth is expected to slow "perilously close" to recession in 2023, the World Bank said Tuesday, slashing its economic forecast on high inflation, rising interest rates and Russia's invasion of Ukraine. Economists have warned of a slump in the world economy as countries battle soaring costs and central banks simultaneously hiked interest rates to…
Economists have warned of a slump in the world economy as countries battle soaring costs and central banks simultaneously hiked interest rates to cool demand — worsening financial conditions amid ongoing disruptions from the war in Ukraine. “Given fragile economic conditions, any new adverse development… could push the global economy into recession,” the Washington-based development lender said.
Meanwhile, the euro area is expected to flatline as it battles severe energy supply disruptions and price hikes related to Russia’s invasion. “Emerging and developing countries are facing a multi-year period of slow growth driven by heavy debt burdens and weak investment,” warned World Bank President David Malpass.Central banks including the US Federal Reserve have been hiking interest rates over the past year to fight inflation, but the drag on economies is “set to deepen” as policies take effect, the World Bank said.
But in the near term, the bank is watching out for “the possibility of financial stress, if interest rates go up higher at the global level,” he told AFP.And if financing conditions get tighter, there will likely be more debt crises this year, he warned.Among the hardest-hit areas is Sub-Saharan Africa, which accounts for some 60 percent of the world’s extreme poor.
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