World Bank Raises Global Growth Forecast for 2023 from 1.7% to 2.1%

The World Bank revealed, June 6, 2023, that it has raised its forecast for global real GDP growth in 2023 from 1.7% to 2.1%, thanks to greater-than-expected resilience in the U.S. economy and other major economies, according to CNBC Arabia.

In its latest report on global economic prospects, the bank also added that higher interest rates will lead to a larger-than-expected decline next year.

The bank also predicted that global growth will reach 2.4% in 2024, down from 2.7% in January, citing a retreat from monetary tightening. As for 2025, the bank expects global growth to reach 3%.