World Bank President predicts low global economic growth in the next two years

World Bank President David Malpass predicts low global economic growth in 2023-2024. According to him, this will happen mainly due to the persistence of inflation and the reduction of investments. He believes that the economic recovery will occur no sooner than in two years.

“I think it will be a prolonged slowdown… The reason is the persistence of inflation, the reduction in new investment that is already happening, if you look ahead one year, two years, it is difficult to see a significant recovery… It looks like this slowdown in economic development will observed in 2023-2024,” David Malpass said in an interview with SkyNews (quoted from Bloomberg).

In early January at the World Bank downgraded forecast of world GDP growth up to 1.7% of GDP. The organization noted that any negative event in the economy could trigger a recession.

Global recession earlier this year predicted experts from the World Economic Forum. Experts expect weak economic growth not only in the US and the EU, but also in China. At the International Monetary Fund allowedthat in 2023 the economies of half of the EU countries will enter into recession due to the military conflict between Russia and Ukraine.

Anastasia Larina