World Bank cuts 2024 global growth forecast as rate hikes bite but lifts 2023 outlook ...Middle East

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World Bank cuts 2024 global growth forecast as rate hikes bite but lifts 2023 outlook
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The World Bank on Tuesday raised its 2023 global growth outlook as the U.S., China and other major economies have proven more resilient than forecast, but said higher interest rates and tighter credit will take a bigger toll on next year's results. Real global GDP is set to climb 2.1% this year, the World Bank said in its latest Global Economic Prospects report. That's up from a 1.7% forecast issued in January but well below the 2022 growth rate of 3.1%.

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