World Bank cuts 2023 global growth projection to 1.7%

Down from predicted 3% six months ago

The World Bank has cut projections for global growth in 2023 to just 1.7%, down from 3% predicted in January and June last year.

In the first forecast published by a major institution this year, the World Bank predicted 2023 would be the third weakest year for global growth in three decades, beating out only the pandemic and global financial crisis. Advanced economies are set to grow just 0.5% this year, compared to 2.5% in 2022, while emerging market and developing economies are predicted to grow 3.4%, the same level of growth as last year. The eurozone is forecast to do particularly badly, experiencing 0% growth throughout the year, compared to an estimated 3.3% expansion in 2022. The World Bank had predicted...