World Bank predicts global economic slowdown due to higher interest rates.

The World Bank has predicted a sharp slowdown in the global economy this year, citing high interest rates, the impact of the Ukraine war, and the lingering effects of the coronavirus pandemic. The bank estimates that the international economy will expand just 2.1% in 2023 after growing 3.1% in 2022. However, the bank's latest Global Economic Prospects report marks an upgrade from its previous forecast in January. The report also predicts that global trade will slow markedly this year, and foresees a sharp drop in the price of energy and other commodities this year and next.