World Bank predicts slow global growth due to interest rates, inflation, and pandemic aftermath.
TL;DR Summary
The World Bank has warned of sluggish global growth this year and next due to rising interest rates, which are slowing consumer spending and business investment, and threatening the stability of the financial system. The bank projected that global growth would slow to 2.1 percent this year from 3.1 percent in 2022, and in 2024 output is now expected to rise to 2.4 percent, weaker than the bank’s previous prediction of 2.7 percent. The report also warned that 65 percent of countries would experience slower growth this year than last, and 14 of 28 low-income countries are in debt distress or at a high risk of debt distress.
- World Bank Projects Weak Global Growth Amid Rising Interest Rates The New York Times
- Global economy to slow to lowest level since the 2008 financial crisis: World Bank Yahoo Finance
- Global economy struggles amid inflation, pandemic aftershocks and war The Washington Post
- World Bank sees major economies growing at much slower pace thanks to higher rates and banking stress CNBC
- World Bank Brightens View of Global Growth This Year, Downgrades 2024 The Wall Street Journal
- View Full Coverage on Google News
Reading Insights
Total Reads
0
Unique Readers
0
Time Saved
3 min
vs 4 min read
Condensed
83%
654 → 108 words
Want the full story? Read the original article
Read on The New York Times