World Bank Chief Economist Indermit Gill puts a gloomy spin on the new forecasts, saying that 2023 would still mark one of the slowest growth years for advanced economies in the last five decades.
Real global gross domestic product is set to climb 2.1% this year, the World Bank said in its latest Global Economic Prospects report. That’s up from a 1.7% forecast issued in January but well below the 2022 growth rate of 3.1%.
These factors will slow growth further in the second half of 2023 and into 2024, but the bank released a new 2025 global growth forecast of 3%.
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