The World Bank has made a slight increase to its global growth outlook for 2023.
The international financial institution is now forecasting 2 percent growth for 2023 – up from a 1.7 percent forecast in January.
In his opening address at the 2023 World Bank/IMF spring meetings on Monday, president of World Bank, David Malpass said despite the upward revision, the the pace of global growth would slow this year compared with 3.1 percent in 2022.
The World Bank also predicted that the economic slowdown in developing countries would persist for years.
The bank said the slowdown would further increase debt distress for developing countries.
