Global Economic Prospects Report 2023

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Global Economic Prospects Report, 2023

Recently the World Bank has released the ‘Global Economic Prospects’ report 2023.

The report, published on January 10, projected a robust 6.6 per cent growth for the Indian economy in 2023-24, down from 6.9 per cent in 2022-23.

Key findings of report-

  • In its ‘Global Economic Prospects’, the World Bank has projected a growth rate of 1.7 percent of the global economy in 2023, while the euro area and the US are expected to register a growth of zero percent and 0.5 percent. Is.
  • The World Bank estimates that the global economy will register its third lowest growth rate in nearly three decades.
  • China’s growth rate in 2023 is estimated to be 4.3 percent. And in 2022, China’s economic growth rate will be 2.7 percent, the lowest since the mid-1970s, excluding the pandemic year of 2020.
  • The World Bank report also states that rising interest rates in developed economies such as the United States and Europe will attract investment capital from poor countries, thereby depriving these countries of domestic investment.
  • The report also said that higher interest rates would slow growth even in developed countries as Russia’s invasion of Ukraine kept global food prices high.
  • The report warned that the world economy is on the verge of slipping into recession. Factors such as high inflation, financial stress, deep weakness in major economies, or rising geopolitical tensions could push the global economy into recession.
  • This will be the first time in more than 80 years that two global recessions have occurred within the same decade.

What is recession?

  • A recession is a large, widespread, and prolonged decline in economic activity.
  • Two consecutive quarters of negative gross domestic product (GDP) growth is considered a recession.

World Bank

  • The International Bank for Reconstruction and Development (IBRD) and the International Monetary Fund (IMF) were established simultaneously during the Bretton Woods Conference in New Hampshire, USA in the year 1944.
  • The International Bank for Reconstruction and Development (IBRD) is also known as the World Bank.
  • The World Bank Group is a unique global partnership of five institutions working to deliver sustainable solutions that reduce poverty and build shared prosperity in developing countries.
  • It has 189 member countries. India is also a member country.

Source – The Hindu

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