Global Economic Prospects, June 2023

Global Economic Prospects, June 2023

The World Bank presented a new edition of Global Economic Prospects report.

The organization estimates that in 2023 the global economy will grow by 2.1% (3.1% in 2022). In developed countries, economic growth will slow down to 0.7% (2.6% in 2022), in developing countries - 2.9% (4.1% in 2022). In 2023, the US economy will grow by 1.1%, in 2024 - 0.8%. The slowdown in economic dynamics is due to a sharp increase in interest rates. The outlook for the Eurozone has also been revised down to 0.4% (3.5% in 2022) due to tighter monetary policy and higher energy prices.

The increase in the cost of borrowing in advanced economies can lead to financial turmoil in developing countries. To strengthen macroeconomic and financial stability, it is necessary to take measures to improve the efficiency of public spending and improve public debt management practices. In the long term, to increase the economic potential of developing countries, experts recommend giving priority to the development of human capital.

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