The global economy is likely slowing sharply this year, hobbled by high interest rates, the repercussions of Russia's invasion of Ukraine and the lingering effects of the coronavirus pandemic.
That's the latest outlook of the World Bank, a 189-country anti-poverty agency, which estimates that the international economy will expand just 2.1 per cent in 2023 after growing 3.1 per cent in 2022.Speaking to reporters Tuesday, Indermit Gill, the World Bank's chief economist, called the latest findings "another gloomy report." The bank, he said, expects "last year's sharp and synchronized slowdown to continue to this year into a sharp slowdown.
Still, the bank's latest Global Economic Prospects report marks an upgrade from its previous forecast in January. That estimate had envisioned worldwide growth of just 1.7 per cent this year. But the global economy has proved surprisingly resilient in the face of higher borrowing costs, and the World Bank predicts that growth will accelerate to 2.4 per cent in 2024.
The eurozone, which represents the 20 countries that share the euro currency, is expected to post collective growth of 0.4 per cent this year. That, too, marks a slight upgrade: In January, the World Bank had expected no growth at all for the eurozone this year. Europe, struggling with higher energy prices caused by the Ukraine war, enjoyed relief from a surprisingly warm winter, which reduced demand for heat.
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