World Bank Chief Optimistic About Global Growth and Debt Progress in 2023

The World Bank has slightly raised its 2023 global growth outlook to 2% from 1.7% due to an improved outlook for China's recovery from COVID-19 lockdowns and better-than-expected performance by advanced economies. However, the slowdown from stronger 2022 growth will increase debt distress for developing countries. World Bank President David Malpass warned that turmoil in the banking sector and higher oil prices could again put downward pressure on growth prospects in the second half of 2023. Malpass also said that technical meetings with Chinese officials this week can help "break the ice" on potential movement on badly needed debt relief for poor countries.