On Jan. 10, 2023, the World Bank published its Global Economic Prospects report, stating that the outlook for the global economy and future economic conditions is bleak. According to the report, 2023 growth forecasts have been cut across the board, with the global economy projected to grow by 1.7% in 2023 and 2.7% in 2024. The World Bank also cited a number of adverse developments that could push the world’s economy into a deep recession.
World Bank Report Urges Action on Climate Change, Increased Investment to Offset Adverse Economic Shocks
The World Bank, the financial organization with 174 member countries, released its Global Economic Prospects report on Tuesday. The report envisions a “sharp, long-lasting slowdown to hit developing countries hard.” The World Bank cites numerous issues plaguing the global economy, including the Covid-19 pandemic and “escalating geopolitical tensions,” as reasons why the world’s economy could spiral into a recession. The report also ment
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