World Bank Warns , Global Economy Teetering , Towards Recession.<br />On January 10, the World Bank warned that <br />the global economy is "perilously close" <br />to experiencing a recession in 2023.<br />Al Jazeera reports that the World Bank warning comes <br />amid weak growth among all of the world's top economies,<br />including the United States, Europe and China.<br />Al Jazeera reports that the World Bank warning comes <br />amid weak growth among all of the world's top economies,<br />including the United States, Europe and China.<br />Al Jazeera reports that the World Bank warning comes <br />amid weak growth among all of the world's top economies,<br />including the United States, Europe and China.<br />The World Bank's annual report said the <br />organization will slash its previous forecast <br />for global growth this year by nearly half.<br />Previously, the global money lender predicted global <br />growth would come in at 3%, however the latest <br />annual report modified that prediction to 1.7%.<br />The World Bank predicts that the U.S. <br />might narrowly avoid a recession this year,<br />despite annual growth of just 0.5%. .<br />At the same time, the U.S. will remain vulnerable to <br />further disruptions of supply chains if COVID continues <br />to surge or Russia escalates its war in Ukraine.<br />Russia’s invasion of Ukraine has added <br />major new cost. The outlook is particularly <br />devastating for many of the poorest <br />economies where poverty reduction <br />is already ground to a halt and access to <br />electricity, fertiliser, food and capital is likely <br />to remain limited for a prolonged period, David Malpass, World Bank President, via Al Jazeera.<br />According to the World Bank, <br />poorer countries are expected to be <br />hit the hardest by a global downturn. .<br />Meanwhile, the tepid pace of per capita <br />income growth of just 1.2% in 2023 and <br />2024 is expected to increase poverty rates.<br />Addressing the scale of these challenges <br />will require significantly more resources <br />for development and global public goods, David Malpass, World Bank President, via Al Jazeera
