The World Bank lowered its 2023 global economic growth forecast to 1.7%, down from the global growth of 3.0% forecasted previously in June 2022. The expected global GDP growth of 1.7% for 2023 will be the third lowest growth in the past 30 years, only higher than 2009 and 2020, the years of the global recession.

Global economic growth is slowing rapidly due to high inflation, rising interest rates, decreasing investment, as well as the interrupted economic activities caused by the Russia-Ukraine conflict.

The World Bank forecasted that global economic growth will be 1.7% and 2.7% in 2023 and 2024, respectively, 1.3 and 0.3% lower than the previous estimate.