This January 10 news has been revised to reflect that the 2023 euro zone GDP forecast now appears as flat rather than growing by 0.5%.

It predicted that worldwide growth would speed up to 2.7% in 2024. Which is less than the 2.9% projection for 2022.

World Bank President David Malpass stated “ “weakness in business and economic development will aggravate a already severe rollbacks in education, health, poverty, and infrastructure, As well as the mounting pressures from climate change.

World Bank Global Recession Forecast 2023

The World Bank research stated that China’s GDP in 2022 plummeted to 2.7%2

The bank requested more assistance from the global community to assist low income nations deal with energy and food shortages, displaced persons from wars.

The World Bank’s management is predict to discuss a new “evolutionary road map,” This week in order to significantly increase the institution’s financing capacity in order to handle climate change and several global issues.

The United States will lead negotiations among shareholders over the largest revision to the bank’s economic strategy since its formation after the end of World War II