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World Bank Brightens View of Global Growth This Year, Downgrades 2024

World Bank sees better global economic growth in 2023 due to resilient US consumer spending and China's faster-than-expected reopening. Bank warns high inflation and interest-rate increases are weighing on economic activity around the world, particularly in developing countries.

  • World Bank forecasts better global economic growth than previously estimated in 2023.
  • High inflation and interest-rate increases are weighing on economic activity, particularly in developing countries.
  • The bank warns of risks to poorer nations from rising interest rates, including slower growth, slowing investment, and financial crises.
  • The average ratio of debt to GDP among the world's poorest countries is now 67%, up from 36% in 2011.
  • The bank urges central banks, particularly those from rich countries, to communicate their intentions as early and clearly as possible to avoid the disruptive spillover to global financial markets.
World Bank Brightens View of Global Growth This Year, Downgrades 2024
Bank warns of risks to poorer nations from rising interest rates

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