World Bank to warn of global recession risk in coming report

Tough outlook: Georgieva says one-third of the global economy will be in recession because the United States, the European Union and China are all slowing down simultaneously. — AP

WASHINGTON: The World Bank is concerned that “further adverse shocks” could push the global economy into recession in 2023, with small states especially vulnerable.

The warning is contained in an abstract for the bi-annual “Global economic prospects” report due for release tomorrow and visible on the group’s open knowledge repository website. Even without another crisis, global growth this year “is expected to decelerate sharply, reflecting synchronous policy tightening aimed at containing very high inflation, worsening financial conditions, and continued disruptions from Russia’s invasion of Ukraine,” the World Bank said.