World Economy “Perilously Close” to Recession

According to the latest World Bank forecast, global growth is expected to slow down to just 1.7% in 2023. This would mark the third weakest growth in almost three decades, behind the financial crisis of 2009 and the pandemic of 2020.

With downgraded projections for almost all advanced economies and majority of developing countries, it's clear that the world economy is facing a challenging year ahead. For 2024, the World Bank expects growth to pick up and reach 2.7%.