World Bank cuts 2024 global growth forecast as rate hikes bite but lifts 2023 outlook
Already have Rappler+?
to listen to groundbreaking journalism.
HONG KONG. An evening view of the financial Central district and Victoria Harbour in Hong Kong, May 9, 2023.
Tyrone Siu/Reuters
World Bank Chief Economist Indermit Gill puts a gloomy spin on the new forecasts, saying that 2023 would still mark one of the slowest growth years for advanced economies in the last five decades
WASHINGTON, USA – The World Bank on Tuesday, June 6, raised its 2023 global growth outlook as the US, China, and other major economies have proven more resilient than forecast, but said higher interest rates and tighter credit will take a bigger toll on next year’s results.
Real global gross domestic product (GDP) is set to climb 2.1% this year, the World Bank said in its latest Global Economic Prospects report. That’s up from a 1.7% forecast issued in January but well below the 2022 growth rate of 3.1%.
The development lender cut its 2024 global growth forecast to 2.4% from 2.7% in January, citing the
