World Bank said on Tuesday that global economic growth should reach 2.1% in 2023, compared to a forecast of 1.7% in its previous report in January. However, 2024 growth is expected to stand at 2.4%, down from 2.7% in January. In 2025, the world economy is projected to grow by 3%.
"The possibility of more widespread banking turmoil and tighter monetary policy could result in even weaker global growth," the World Bank warned. The growth forecast for the United States was revised up to 1.1% from 0.5% for 2023 and down to 0.8% from 1.6% for 2024. China's economy is expected to grow 5.6% in 2023, up from 4.3% in January, and 4.6% in 2024, down from 5% as predicted in the January report.
