Global economy in ‘precarious position,‘ World Bank warns ...Middle East

WASHINGTON: High interest rates and the Russian war in Ukraine continue to significantly slow global economic growth, according to a new report from the World Bank, reported German news agency (dpa). Following growth of 3.1 per cent last year, the global economy will slow to 2.1 per cent in 2023, the World Bank said on Tuesday in its latest forecast. The figure for 2023 was however 0.4 percentage points higher than an estimate released by the bank in January. It is still one of the weakest growth rates in the past five decades, said the World Bank’s chief economist Indermit Gill. “The world economy is in a precarious position,“ Gill said.In 2024, the global economy should recover slightly an

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