The World Bank predicts the second global recession in the last 10 years and lowered its forecast for global GDP this year to 1.7%.

The World Bank almost halved its global economic growth forecast in 2023 to 1.7% and, in 2024, to 2.7%, according to the World Bank report. It notes that global economic growth is slowing sharply amid higher inflation, higher interest rates, shrinking investment, and disruptions caused by Russia’s invasion of Ukraine. Any new adverse events could push the world’s economy into recession. This would mark the first time in more than 80 years that two global recessions occurred within the same decade. Growth in advanced economies will slow from 2.5% in 2022 to 0.5% in 2023. And in emerging markets and developing countries, excluding China, growth will slow from 3.8% in 2022 to 2.7% in 2023.