The Strategist

WB Head expects slowdown in economic growth in 2023-2024

01/23/2023 - 10:23

President of WB Malpass anticipated weak global economic growth in 2023–2024.

Simone D. McCourtie
Simone D. McCourtie
In 2023–2024, the world economy is expected to develop at a modest rate, according to World Bank President David Malpass.

"It (will be) a protracted slowdown, in my opinion. If you go one or two years ahead, it's difficult to anticipate a major recovery due to the persistence of inflation and the fall in new investment that is currently occurring. This decrease in economic growth is predicted to occur between 2023 and 2024," Malpass said.

Additionally, he advised nations to "tighten their belts" and spend money more wisely.