‘The world will get stuck in a new shock and economic recession’, World Bank’s warning increased tension – न्यूज़लीड India

‘The world will get stuck in a new shock and economic recession’, World Bank’s warning increased tension

‘The world will get stuck in a new shock and economic recession’, World Bank’s warning increased tension


Worrying warning from the World Bank

The World Bank’s latest Global Economic Prospects report states that the global growth rate is slowing down rapidly due to rising inflation, high interest rates, a steady decline in investment and the Russian invasion of Ukraine. Expressing apprehension in its report, the World Bank has said that if the global economy faces any new setback now, the global economy will get trapped in economic recession. If the World Bank’s forecast turns out to be correct, it would mean that this would be the worst performance of the global economy in the last three decades. However, earlier in the years 2009 and 2020, contraction has been seen in the global economy.

Growth projections also cut

Growth projections also cut

The World Bank has cut its growth projection for 2024, saying that “investment growth in emerging market and developing economies (EMDEs) is expected to be below its average rate over the past two decades.” And if the global economy If there is another shock to the global economy then the global economy will get stuck in recession. The World Bank has said in its report that if the global economy gets caught in the grip of recession, then it will happen for the first time in the last 80 years, when within a single decade The world will be caught in global recession twice in a row.According to the estimates of the World Bank, the growth rate of the global economy will be 1.7 percent in the year 2023, while in 2024 the growth rate in the global economy has been estimated at 2.7 percent.

Estimates on the emerging economy

Estimates on the emerging economy

The World Bank projects per capita income growth in emerging and developing economies to average 2.8 percent over the next two years, which is 100 basis points higher than the 2010-2019 average. is less. The World Bank said that in sub-Saharan Africa, where about 60 percent of the world’s extreme poor live, per capita income will increase by only 1.2 percent in 2033-24. Therefore, poverty will increase further in these areas, which is a matter of concern. At the same time, World Bank President David Malpass has written in the World Bank’s Global Economic Prospects, that “crisis on development persists and shocks to global prosperity will continue.” He said, “Estimating the growth rate of emerging and developing countries is likely to be lower by 6 percent compared to the estimates made during the pre-corona epidemic situation.”

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Estimates on America's growth rate

Estimates on America’s growth rate

The World Bank report states that the growth rate of the world’s advanced economies will also see a sharp decline, from 2.5 percent in 2022 to 0.5 percent in 2023. At the same time, the growth rate in the US is expected to decline to 0.5 percent in FY2023, which is 1.9 percent less than the previous forecast. Whereas, for the European region, the growth rate in 2023 is predicted to fall by 1.9 percent to zero percent. At the same time, the growth rate in China is estimated at 4.3 percent in the year 2023, which is 0.9 percentage points less than the previous forecast.

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