World Bank raises global economic growth slightly in 2023

The World Bank (WB) President David Malpass expected on Monday during spring meetings 2023 that the global growth outlook slightly upward to 2 percent from a January forecast of 1.7 percent.

However, Malpass warned from a turmoil in the banking sector and high oil prices could again lead to downward pressure on growth prospects in the second half of 2023.

“If we look at developing countries excluding China, we expect a slowdown to about 3.1 percent in 2023 from 4.1 percent in 2022,” according to the Wold Bank’s statement.

It is worth mentioning that Malpass will chair the third Ukraine Ministerial Roundtable next Wednesday, as the WB estimates that there is an additional $11 billion funding gap in 2023 for critical expenditures, a way to reconstruction.