World Bank slashes global growth forecast and warns of recession, gold price eyes move to $1,900 WorldBank economy
The World Bank warned that the global economy could fall into a recession as growth sharply slows and economic conditions remain fragile.
The drivers behind this dramatic slowdown are stubborn inflation, high interest rates, reduced investment and the war in Ukraine, the World Bank said. Advanced economies are expected to slow to 0.5% from the previous estimate of 2.5% in 2023. The U.S. economy is projected to grow just 0.5% this year. The euro area is looking at 0% growth, while China is estimated to see growth at 4.3%.
The World Bank also sees risks of elevated core inflation weighing on the outlook. Stubborn inflation could lead to more central bank tightening after a year of synchronized and unprecedented hikes by central banks worldwide.
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