The World Bank has forecast global economic growth for this year

Photo: ANP

The World Bank is raising its forecast for global economic growth in 2023, thanks mainly to better-than-expected growth in major economies such as the US, the eurozone and China. However, the forecast for next year has been lowered.

This year, the company now expects a 2.1 percent increase from Washington. It still expects growth of 1.7 percent in January. In 2022, the global economy grew by 3.1 percent.

The World Bank raised its forecast for the US economy for 2023 to 1.1 percent from 0.5 percent. China, the world’s second-largest economy, is now expected to grow at 5.6 percent, instead of the previously expected 4.3 percent. The eurozone is now up 0.4 percent. Stagnation was expected here.

However, in 2024, the World Bank expects growth to reach 2.4 percent. It was 2.7 percent in January. The system says the delayed effects of central bank interest rate hikes against high inflation will continue to create tight credit conditions. The World Bank has also warned of negative consequences of unrest in the banking sector.

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