World Bank raises global growth expectations from 1.7% to 2.1% this year

global growth

The World Bank said yesterday it now expects the global economy to grow by 2.1% in 2023, as opposed to the 1.7% expansion projected in January, due to stronger-than-expected resilience in major economies. Thus, the institution’s analysts expect US GDP to grow by 1.1% this year (vs. 0.5%; January estimate) and that of the eurozone by 0.4% (vs. 0.0%; January estimate). In addition, China’s GDP is expected to grow by 5.6% (vs. 4.3%; January estimate). Looking ahead, the bank has cut its global growth forecast for 2024 to 2.4% from 2.7%, citing the continued effects of tighter monetary policy.

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