The World Bank declares a high risk of global recession.

The World Bank’s report on the global economic outlook notes that even without a new large-scale crisis, global growth is expected to slow significantly in 2023 amid the strengthening of several negative factors. These factors include the policies of some governments intended to control very high inflation, worsening financial conditions, and economic problems caused by the full-scale invasion of Ukraine by the Russian Federation. The authors of the report say that mitigating the risks of such a large-scale downturn requires urgent global as well as national efforts and addressing debt problems in developing economies. After all, the level of investment growth may be lower than the average for the last two decades. According to the World Bank, the authorities of developing countries must provide financial support to vulnerable groups, ensure inflation expectations remain securely anchored and ensure financial systems maintain stability.