Global Economic Prospects report

Global Economic Prospects report

Subject : International Relations

Section: Reports AND Indices

Context: WORLD BANK Group President David Malpass said on Monday that the lender has revised its 2023 global growth outlook slightly upward to 2 per cent from a January forecastof1.7per cent but the slowdown from stronger 2022 growth will increase debt distress for developing countries.

The upward revision was due to an improved outlook for China’s recovery from Covid-19 lockdowns, with growth now pegged at 5.1 per cent this year compared to 4.3 per centin the bank’s January Global Economic Prospects report

About the Report

• The World Bank produces the GEP twice a year, in January and June, as part of its in-depth analysis of key global macroeconomic developments and their impact on member countries.
• The GEP provides intelligence in support of achieving development goals and is a trusted resource for member countries, stakeholders, civil organizations and researchers.