The World Bank has revised its forecast for global economic growth to 2% for this year. In January, that expectation was still 1.7% economic growth.
According to World Bank President David Malpass, the upward revision is mainly due to an improved outlook for China after several lockdowns due to the corona pandemic. The Chinese economy is expected to grow by 5.1% this year.
Even developed economies like the United States are doing slightly better than the World Bank assumed earlier this year. The debt burden of developing countries is expected to increase this year, according to Malpass. He also forecast that Russia’s economy would shrink by 0.2% in 2023, a slight improvement from his January forecast of minus 0.7%.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
