The World Bank does not offer an optimistic outlook

The World Bank has changed its forecast for 2023. This is mainly attributable to persistent inflation, the war in Ukraine, and rising interest rates. Now, instead of the announced 3% global growth, we can only expect 1.7%.

The institution's forecast goes further. For almost all of the developed countries and 70% of the developing countries, it has been reconsidered for the worse. This is especially noticeable in the particularly weak growth of the U.S. economy and near zero growth in Europe.

Moreover, global economic growth is likely to be merely 2% by 2024. That would represent the lowest five-year rate since 1960. The risk of recession remains significant. Geopolitical conflicts, a new pandemic wave, and even a trivial rise in inflation could push the economy into recession.