Market Updates
World Bank Lifts Global Growth, Higher Rates and Tighter Credit to Drag U.S.
Brian Turner
07 Jun, 2023
New York City
The latest report from the World Bank highlighted key hurdles for the global economy, despite improving its forecast.
The global economy is expected to grow 2.1% in 2023, a faster pace from the 1.7% estimate in January.
The multilateral agency revised the U.S. economic growth higher to 1.1% from the previous estimate of 0.5%, the Euro Area growth to 0.5% from flat, China growth to 5.6% from 4.3% but India's growth estimate was lowered to 6.3% from 6.6%.
Among the top 20 economies in the world, only India's economy is expected to grow above 6% annually in 2023, 2024 and 2025.
The World Bank added in its report that the U.S. economy is likely to slow considerably from 2.1% in 2022 to 1.1% in 2023, largely because of the sharp rise in interest rates over the last sixteen months and recent bank failures are also likely to tighten credit conditions.
Household consumption is likely to slow substantially as families exhaust their savings accumulated during pandemic.
"Model-based estimates show that the peak impact on growth from this tightening is likely to take place in 2023" and "decelerating consumption and residential investment will likely contribute to very feeble activity in the second half of 2023," the report noted.
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