World Bank Warns , Global Economy Teetering , Towards Recession.
On January 10, the World Bank warned that
the global economy is "perilously close"
to experiencing a recession in 2023.
Al Jazeera reports that the World Bank warning comes
amid weak growth among all of the world's top economies,
including the United States, Europe and China.
Al Jazeera reports that the World Bank warning comes
amid weak growth among all of the world's top economies,
including the United States, Europe and China.
Al Jazeera reports that the World Bank warning comes
amid weak growth among all of the world's top economies,
including the United States, Europe and China.
The World Bank's annual report said the
organization will slash its previous forecast
for global growth this year by nearly half.
Previously, the global money lender predicted global
growth would come in at 3%, however the latest
annual report modified that prediction to 1.7%.
The World Bank predicts that the U.S.
might narrowly avoid a recession this year,
despite annual growth of just 0.5%. .
At the same time, the U.S. will remain vulnerable to
further disruptions of supply chains if COVID continues
to surge or Russia escalates its war in Ukraine.
Russia’s invasion of Ukraine has added
major new cost. The outlook is particularly
devastating for many of the poorest
economies where poverty reduction
is already ground to a halt and access to
electricity, fertiliser, food and capital is likely
to remain limited for a prolonged period, David Malpass, World Bank President, via Al Jazeera.
According to the World Bank,
poorer countries are expected to be
hit the hardest by a global downturn. .
Meanwhile, the tepid pace of per capita
income growth of just 1.2% in 2023 and
2024 is expected to increase poverty rates.
Addressing the scale of these challenges
will require significantly more resources
for development and global public goods, David Malpass, World Bank President, via Al Jazeera