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World Bank said, the global economy may remain close to recession in 2023
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World Bank said, the global economy may remain close to recession in 2023


World Bank on Global Economy: The World Bank has said that the global economy will be close to recession in the current year due to the decline in the growth rate of all major and leading economies America, Europe and China. The World Bank said in its annual report that it has reduced the global growth rate for 2023 to 1.7 per cent from the earlier 3 per cent.

The World Bank has released this report on Tuesday. If this prediction of the World Bank turns out to be true, then this will be the third time in three decades when the economic growth will be the weakest. Earlier, due to the Global Financial Crisis in 2008, due to the Corona epidemic in 2020, there was a big decline in the global growth rate. According to the report, America can avoid recession this year. But the growth rate of America is estimated to be only 0.5 percent.

The report said that due to the Corona epidemic and the Ukraine war, there could be disruption in the supply chain in America. And Europe may have to bear the brunt of China’s weak economy. The World Bank has said in its report that due to rising interest rates in America and Europe, it will attract investment from poor countries, which may create investment crisis in these countries.

Earlier, the International Monetary Fund has also projected India’s economic growth rate to be 6.1 percent in 2023-24. Which is expected to be 6.8 percent in 2022-23. IMF has said that due to the rise in crude oil prices, weak external demand and strict monetary policy, the economic growth rate may decline. IMF has said that inflation may come down in India in the next two years. However, he has also warned that the dangerous variant of the corona virus may affect trade and economic development. According to the IMF, the war in Ukraine and the sanctions imposed on Russia are affecting India in a number of ways, including rising commodity prices, weak external demand and loss of confidence.

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