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According to the World Bank, the global economy is in good shape, but geopolitical tensions could ruin everything

According to the World Bank, the global economy is in good shape, but geopolitical tensions could ruin everything

The World Bank improved its forecast for global economic growth in 2023 to 2.6 percent from 2.1 percent in its estimate in June. He did not change his forecast for this year, as he still expects an expansion of 2.4 percent.

Its global risks have decreased primarily due to the stability of the US economy.
Photography: Jalal Gunes/Agence France-Presse

The report's authors indicated that the pace of global economic growth is slowing this year for the third year in a row, and fell to 2.4 percent, about 0.75 percentage points lower than the average of the first decade of the twenty-first century.

According to the World Bank, the situation of the global economy is better now than it was a year ago.

The risk of a global recession has decreased mainly due to the stability of the US economy. However, increasing geopolitical tensions in the near future pose new threats to the global economy. The document stressed this

The medium-term outlook for many emerging economies has deteriorated amid slowing growth in most major economies, stagnant global trade, and the biggest credit tightening in decades.

The World Bank changed its forecast for GDP growth in the United States last year from 1.1 percent in June to 2.5 percent, and this year from 0.8 percent to 1.6 percent. He did not change his forecast for economic growth last year in the euro zone, maintaining the expansion forecast at 0.4 percent, while reducing this year's forecast from 1.3 percent to 0.7 percent.

The report's authors reduced Chinese economic growth expectations last year from 5.6 percent to 5.2 percent, and this year's expectations from 4.6 percent to 4.5 percent. The World Bank indicated that the world It has slowed significantly in the past year, reaching 5.3 percent on average. Inflation is expected to reach 3.7 percent this year and 3.4 percent next year, still above the average level before the coronavirus pandemic.

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