The World Bank worsened the forecast for 2023 for the global economy, but improved for Russia
[ad_1]
The World Bank (WB) has sharply downgraded its global economic growth forecast for 2023 due to persistently high inflation. AT report The World Bank notes that global GDP for the current year will grow by 1.7%. At the same time, the Russian economy will shrink not by 3.6%, but by 3.3%.
The slowdown in global economic growth indicates that it is approaching a recession, the report says. The decline in annual global income per capita was triggered by high inflation, as well as the tightening of monetary policy in some countries.
As the World Bank notes, the three main world leaders in terms of economic development – the United States, Europe and China – faced a sharp decline in economic indicators, which led to a deterioration in the market of developing countries.
Taking into account the above factors, the World Bank expects global economic growth to slow down by 1.7% in 2023 and by 2.7% in 2024. In addition, the bank announced a reduction in economic growth forecasts for 2023 for 95% of developed and 70% of developing countries.
The Russian economy will contract by 3.3% in 2023 and resume growth by 1.6% a year later, according to World Bank forecasts. In October, the organization expected a 3.6% decline in Russian GDP next year, and the forecast for 2024 was the same as in the updated report.
US GDP this year will increase by 0.5%. At the same time, the volume of the Eurozone economy will not change compared to 2022. Ukraine’s GDP growth will resume in 2023 at the level of 3.3%, provided that there is no further military escalation, WB experts say.
About past forecasts of the World Bank – in the material “Kommersant” “Don’t rush to land”.
[ad_2]
Source link
