In its newly released Global Economic Prospects, the World Bank forecasts a significant slowdown in global growth this year, from 3.1% in 2022 to 2.1% in 2023.
Global inflation is projected to continue its descent from the peak of above 8% in 2022, to around 3.5% at the end of 2024.
Looking further ahead, the World Bank predicts that inflation will remain above pre-pandemic levels beyond 2024. “Despite the steepest global interest-rate hiking cycle in four decades, inflation remains high; even by end-2024, it will remain above the target range of most inflation-targeting central banks,” the World Bank said in the report.
Read more:
- Global Economic Prospects June 2023, the World Bank