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World Bank on Global Growth Outlook: The World Bank has once again reduced the global growth outlook. The World Bank has reduced the Global Growth Outlook for 2023 to 2.1 percent due to the decision of the Central Banks around the world to drastically increase the interest rates.
In its latest outlook, the World Bank said that while global growth has been 3.1 per cent in 2022, it is estimated to be only 2.1 per cent in 2023. The World Bank has also reduced the global growth outlook for 2024 to 2.4 per cent, which was earlier projected to be 2.7 per cent in January 2023. The World Bank says that the effect of the strict monetary policy of the Central Banks is being seen from business to residential investment.
In January this year, the World Bank had projected the global growth rate i.e. GDP to be 1.7 percent in 2023. But after the improvement in the economies in recent months, it has been increased to 2.1 per cent. But for 2024, it has been reduced from 2.7 per cent to 2.4 per cent.
The World Bank said in its report that the pace of global growth will slow down in the second half of 2023 and this weakness will continue in 2024 as well. If the crisis of banks and strict monetary policy is seen further, then there can be a further decrease in global growth.
In fact, from the Federal Reserve of America to India’s RBI and Britain’s Bank of England, central banks have increased interest rates to curb the rapidly rising inflation after Russia’s attack on Ukraine, affecting the pace of economic growth. being seen.
The World Bank has expressed hope for an increase in the economic development of America. In its estimate, the World Bank has said that America’s economic growth rate can be 1.1 percent this year, which is double the estimate expressed in January.
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