The global economy will come 'perilously close' to a recession this year, led by weaker growth in all the world's top economies -- the United States, Europe and China -- the World Bank warned Tuesday.
The global economy will come "perilously close" to a recession this year, led by weaker growth in all the world's top economies -- the United States, Europe and China -- the World Bank warned Tuesday.which lends money to poorer countries for development projects, said it had slashed its forecast for global growth this year by nearly half, to just 1.7%, from its previous projection of 3%.
The impact of a global downturn would fall particularly hard on poorer countries in such areas as Saharan Africa, where the World Bank predicts per capita income will grow just 1.2% in 2023 and 2024. That is such a tepid pace that poverty rates could rise. The report follows a similarly gloomy forecast a week earlier from Kristina Georgieva, the head of the International Monetary Fund, the global lending agency. Georgieva estimated on CBS' "Face the Nation" that one-third of the world will fall into recession this year.
The World Bank projects that the European Union's economy won't grow at all next year after having expanded 3.3% in 2022. It foresees China growing 4.3%, nearly a percentage point lower than it had previously forecast, and about half the pace that Beijing posted in 2021.
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