This year, the growth rates of the global economy will fall to 1.7%, compared to the previously estimated 3%. The deterioration in the June forecast is due to the tightening of monetary policy by some Central Banks, as well as disruptions in supply chains and the ongoing risk of recession. informs TASS refers to the January report of analysts from the World Bank (WB).
“A sharp slowdown in global economic growth is projected to reach 1.7% in 2023. This indicator will rank third among the weakest in the last three decades. It was only overshadowed by the global recessions caused by the pandemic in 2020 and the global financial crisis in 2009.
At the same time, the growth of the global economy at the end of 2022 was 2.9% according to the bank’s forecasts. This year, however, “pervasive energy shortages” will lead to a worsening of the world’s financial situation. WB analysts concluded that at the moment the global economy “appears to be dangerously close to recession”.
December 29, Head of the Ministry of Finance Anton Siluanov estimated 2.7% reduction in Russia’s GDP in 2022. At the same time, the trend may continue due to international sanctions against Moscow in 2023.