Number theory: Will global growth winter outlast this winter season?
The World Bank expects global GDP growth to plummet to 1.7% in 2023 after a tepid 2.9% in 2022. While the situation is expected to improve in 2024, global growth will still be just 2.7%.
The World Bank released its latest edition of Global Economic Prospects on January 10. The report is unequivocal in its prognosis of the global economic situation. “The crisis facing development is intensifying,” wrote David Malpass, President of the World Bank Group, in his foreword to the report. Here are six charts from the report that explain the situation in the global economy.
2023 will be among the worst years for global growth
The World Bank expects global GDP growth to plummet to 1.7% in 2023 after a tepid 2.9% in 2022. While the situation is expected to improve in 2024, global growth will still be just 2.7%. The latest report has a made a downward revision of 1.3 percentage points and 0.3 percentage points to its growth forecasts for 2023 and 2024 compared to June 2022. The 1.7% world GDP growth for 2023 is the lowest since 1991 if one were to exclude two contraction years of 2020 (pandemic) and 2009 (global financial crisis).