In its half-yearly health check, the Washington institution said it had cut its 2023 growth forecast from 2.9% to 1.7% after risks identified six months ago all materialised.
The Bank's global economic prospects report said tougher than anticipated anti-inflationary measures, persistently high energy prices, and continued lockdowns in China had led to a much weaker outlook for this year than it had expected last summer. Almost every advanced country and nearly 70% of emerging and developing countries have had their growth forecasts cut.
Given its fragility, the Bank said any new adverse development - such as higher-than-expected inflation, abrupt rises in interest rates, a resurgence of Covid-19 or escalating geopolitical tensions - could push the global economy into recession. Not since the 1930s have two global recessions occurred in the same decade.
This story is from the January 11, 2023 edition of The Guardian.
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This story is from the January 11, 2023 edition of The Guardian.
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