Reuters: World Bank warns global economy could tip into recession in 2023
WASHINGTON (Reuters) -The World Bank slashed its 2023 growth forecasts on Tuesday to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia's war in Ukraine continues, and the world's major economic engines sputter.
The development lender said it expected global GDP growth of 1.7% in 2023, the slowest pace outside the 2009 and 2020 recessions since 1993. In its previous Global Economic Prospects report in June 2022, the bank had forecast 2023 global growth at 3.0%. It forecast global growth in 2024 to pick up to 2.7% -- below the 2.9% estimate for 2022 -- and said average growth for the 2020-2024 period would be under 2% -- the slowest five-year pace since 1960.
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WNU Editor: I do not have access to the data that the World Bank has, but I think they are underestimating the impact that increasing energy costs are going to have on the global economy in 2023 and 2024 as a whole.
World Bank Warns Of Global Recession In 2023
World Bank Cuts 2023 Forecasts and Warns of Global Recession -- Bloomberg
Global recession warning as World Bank cuts economic forecast -- BBC
World Bank warns of looming global recession -- AP
Global economy risks second recession within three years, warns World Bank -- The Guardian
Global economy ‘perilously close’ to a recession: World Bank -- Al Jazeera
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