World Bank predicts weak global growth due to economic shocks and rising interest rates.
The World Bank has projected that global growth will slow in 2023 to its lowest level since the 2008 financial crisis due to higher interest rates, inflation, and more restrictive credit conditions. The international group lowered its outlook for nearly all advanced economies and cut growth projections for 70% of emerging markets. The US economy is projected to slow to 1.1% in 2023 from 2.1% in 2022 and then drop to 0.8% in 2024, mainly because of the lingering impact of a sharp rise in interest rates. The World Bank warns global growth could be even weaker than anticipated if banking stress worsens or inflation is persistent enough to prompt higher-than-expected interest rates.
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