The World Bank lowered global growth forecast to 1.7% in the latest Global Economic Prospects report, down sharply from 3.0% expected six months ago. It said, “Global growth is slowing sharply in the face of elevated inflation, higher interest rates, reduced investment, and disruptions caused by Russia’s invasion of Ukraine.”
2023 GDP growth:
- World: 1.7%, downgraded by -1.3%.
- US: 0.5%, downgraded by -1.9%.
- Eurozone: 0.0%, downgraded by -1.9%.
- Japan: 1.0%, downgraded by -0.3%.
- China: 4.3%, downgraded by -0.9%.
2024 GDP growth:
- World: 2.7%, downgraded by -0.3%.
- US: 1.6%, downgraded by -0.4%.
- Eurozone: 1.6%, downgraded by -0.4%.
- Japan: 0.7%, upgraded by 0.1%.
- China: 5.0%, downgraded by -0.1%.
