World Bank raises global growth forecast to 2% in 2023

David Malpasspresident of the World Bank (WB), announced this morning that the growth expectations of the world economy for this year could reach 2%, largely because China, one of the managers of global trade, overcame the blockades due to the pandemic of COVID-19.

As part of his inaugural presentation during the spring meetings with the International Monetary Fund (IMF), the official stated that this new forecast, three tenths higher than the previous one, is due to the fact that China would head towards growth of 5.1% of its GDP.

As recalled, at the previous meeting in January, the World Bank projected that world growth would slow to 1.7% in 2023, and 2.7% in 2024.

“It is an upward revision and it is partly due to the better prospects in China after the blockade was lifted,” he said in front of the director of the IMF, Kristalina Georgieva.

In this sense, Malpass mentioned that economic activities could slow down during the second semester due to an escalation in oil and other energy prices, while the world faces a constant challenge to “modify the perception regarding banking health “.

“Advanced economies are doing a little better than they appeared in January. In the US and Europe, consumption has held up better than expected,” Malpass said.