World Bank launches global GDP downgrade outlook. World ‘dangerously close’ to recession

The World Bank has sharply cut its outlook on global GDP growth, warning that the world is “perilously close” to a recession.

The institution has revised downwards the pace of expansion forecast for 2023 from +3% to +1.7%, almost halving its forecasts.

It would be, the World Bank pointed out in the “Global Economic Prospects” report, “the third weakest pace of growth (of GDP) in almost three decades, surpassed only by the global recessions caused by the pandemic and the global financial crisis”. reads in the World Bank report.