Global Economy: World Bank chief improves his estimate of global growth outlook, global growth rate may be 2 percent in 2023

Global Economy Outlook: The World Bank has marginally improved its 2023 Global Growth Outlook. The World Bank said that in 2023 the global growth rate could be 2 percent. In January, the World Bank had projected the global growth rate to be 1.7 percent. But according to the World Bank, due to the lower growth rate in 2023 as compared to 2022, the crisis will increase as the debt burden on developing countries increases. 

World Bank President David Malpass while addressing a media said that the improvement in the global growth rate is being predicted because of China. He said that the restrictions of the lockdown imposed due to the Corona epidemic in China have been relaxed. After which the global growth rate has been improved. The World Bank in its Global Economic Prospect report in January had estimated China’s growth rate to be 4.3 percent, which has now been increased to 5.1 percent.    

David Malpass said that advanced economies like the US economy are also performing better than the World Bank forecast.  However, he has warned about the deepening crisis in the banking sector and the rise in crude oil prices. He said that due to both these reasons, pressure can be seen in the second quarter of this year. David Malpass said that the technical meeting with Chinese officials can help prepare the way for providing loans to poor countries.  He said that China will also get political benefit from it.  

Earlier International Monetary Fund’s Managing Director Kristalina Georgieva had said that in 2023 the Global Economic Growth Rate is expected to slow down. Due to the Global Economic Slowdown, there is a danger of increasing poverty and hunger at the global level. Kristalina Georgieva said that the economic growth rate will be around 3 percent for the next five years. Expected to stay. 

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