By Blessing Enechojo Abu
World Bank has stated in a new report that it expects the world economy to grow by just 1.7 percent in 2023. This is a turn of events from the 3 percent that was predicted in June 2022. This slash in growth forecast brings the global economy to levels on the brink of recession.
A number of factors might be responsible for this slash; from Russia’s invasion of Ukraine to the aftermath of the pandemic and also hikes in central bank rates.
This predicted global GDP growth of 1.7% will be the slowest pace since the 1993 recession, outside of the 2009 and 2020 recessions, which were caused by the global financial crisis and the Covid pandemic.
The World Bank Said the three most influential parts of the world for economic growth (USA, Eurozone, and China) were “all undergoing a period of pronounced weakness,” and poorer countries will experience the downturn of this.