World Bank Cuts 2023’s Global Growth Projection

The World Bank sharply cut the global economy’s growth forecast for 2023 as a result of the prevalent persistently high inflation and on the back of accelerating worldwide recession-linked concerns.

The bank expects global growth to slow to 1.7% in 2023, down from an estimate of 3% growth in June.

That would mark the third-weakest pace of global growth in nearly three decades, overshadowed only by the 2009 and 2020 downturns, according to the World Bank. A separate report showed that global inflation, while starting to cool, is still historically high.