The World Bank says a sharp, long-lasting slowdown is expected to hit developing countries this year as the global economy weakens.
Wasilat AzeezThe World Bank says a sharp, long-lasting slowdown is expected to hit developing countries hard this year as the global economy weakens.It said the 2023 global growth is expected to slow to 1.7 percent — a downgrade from 3 percent earlierThe World Bank warned that shocks including higher-than-expected inflation, sudden spikes in interest rates to contain price increases, or a pandemic resurgence could tip the global economy into a recession.
In his view on the report, David Malpass, World Bank Group president, said the crisis facing development is intensifying as the global growth outlook deteriorates. Meanwhile, in the report, the bank said GDP levels in emerging and developing economies by the end of 2024 will be roughly 6 percent below levels expected before the pandemic.
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