ALBAWABA - The World Bank said it expected the world economy to grow by 2 percent this year, compared with 1.7 percent recorded in 2022.
David Malpass, president of the World Bank Group, spoke Monday, months before the 2023 Spring Meetings of the International Monetary Fund and World Bank slated for Oct. 9 to 15 in Marrakech, Morocco.
Malpass explained that the upward revisions to global growth projections were supported by China ending its strict lockdown policy, as well as advanced economies performing better than expected in the first quarter of the year.
However, Malpass also noted that recent banking sector pressures are dampening economic activity and that inflation pressures in the United States are still ongoing.
The global Gross Domestic Product (GDP) expansion in the United States is projected at 1.2 percent this year, compared to 2.1 percent in 2022.
