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Global growth slows to 2% in 2023 – World Bank

The World Bank Group President, David Malpass says global growth is expected to be weak in 2023, slowing to two per cent from 3.1 per cent in 2022.

Malpass said this in his Opening address at the ongoing Spring Meetings 2023 Media Call, a copy of which was obtained by the News Agency of Nigeria (NAN) on Monday.

He said several factors were weighing on the second-half outlook.

“Oil prices have jumped back above 80 dollars/barrel. The recent banking sector stress dampens activities and inflation pressures persist.

The World Bank Group President, David Malpass says global growth is expected to be weak in 2023, slowing to two per cent from 3.1 per cent in 2022.

Malpass said this in his Opening address at the ongoing Spring Meetings 2023 Media Call, a copy of which was obtained by the News Agency of Nigeria (NAN) on Monday.

He said several factors were weighing on the second-half outlook.

“Oil prices have jumped back above 80 dollars/barrel. The recent banking sector stress dampens activities and inflation pressures persist.

Malpass said the U.S. month-over-month core inflation had been rising over the last five months, saying there would be new data on Wednesday.

“If we look at developing countries excluding China, we expect a slowdown to about 3.1 per cent in 2023 from 4.1 per cent in 2022.

“The concern in our recent reports is that slow growth will persist for years for many developing countries, increasing the fiscal stress and debt problems.

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