The escalating geopolitical tensions and a resurgence of the COVID-19 pandemic could push the global economy into recession and it would mark the first time in more than 80 years that two global recessions occurred within the same decade.Information Guide Nigeria
DAILY POST reports that this forecast is contained in the World Bank’s latest Global Economic Prospects report.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaThe forecast revealed that global growth is slowing amid higher inflation and interest rates, reduced investment and disruptions caused by Russia’s invasion of Ukraine.
According to the report, the global economy may grow by 1.7% in 2023 and 2.7% in 2024 while growth in developing economies could decelerate from 3.8% in 2022 to 2.7% in 2023.
The downturn is expected to be widespread, with the forecasts in 2023 revised down for 95% of advanced economies and nearly 70% of developing economies.NYSC portal
Growth in per capita income over 2023-24 is expected to average just 1.2% in Sub-Saharan Africa, which accounts for about 60% of the world’s poorest population.
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The President of World Bank Group President, David Malpass said the crisis facing development is intensifying as the global growth outlook deteriorates.
Malpass noted that emerging and developing countries would have to contend with a multi-year period of slow growth.JAMB portal
According to DAILY POST, the decline is driven by heavy debt burdens and weak investment as global capital is absorbed by advanced economies faced with high government debt levels and rising interest rates.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaMalpass added that, “Weakness in growth and business investment will compound the already-devastating reversals in education, health, poverty, and infrastructure and the increasing demands from climate change.”JAMB Result
offices to resolve these issues before our January NEC meeting,” the association said.
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