World Bank President David Malpass noted that "the bank revised its global growth forecast for 2023, raising it slightly to 2 percent, compared to a January forecast of 1.7 percent," adding that "the slowdown caused by stronger growth in 2022 will increase the debt crisis in developing countries."
Malpass explained, "The increase in the expected growth rate is due to the improvement in expectations regarding China's recovery from the closure restrictions it imposed to curb the spread of Covid-19 and the stability of the expected growth rate for the current year at 5.1 percent. Advanced economies such as the United States also performed slightly better than the World Bank had predicted in January.”
Source (Al-Arabiya.net Website, Edited)
