The World Bank raises its global growth forecast for 2023 and cuts it to 2024

The World Bank expects the global economy to slow sharply next year due to higher interest rates, the effects of the Russian invasion of Ukraine and the lingering effects of the coronavirus pandemic, and expects global growth to reach 2.4% in 2024, compared to 2.7% in 2024. % in January, citing a pullback from tightening monetary policies.

But today, Tuesday, the bank raised its global growth forecast for 2023 due to a stronger-than-expected slowdown in the US economy and other major economies.

In his latest report on global economic prospects, he said real world GDP will rise 2.1% this year, up from 1.7% in January. According to Reuters.”

The World Bank report is not the only one predicting a global recession, on the contrary, it has been mentioned in several reports, the most recent of which was on May 27, Qatar National Bank’s latest developments.Commodity marketsThis foreshadows a further slowdown in the global economy, while precious metals prices point to increased demand for non-US safe havens and continued inflationary pressures.

If the Bank closely observes commodity price movements in its weekly report at that time,International Economicsprovide macroeconomic information including developments in certain commodity prices and general sentiment trends.and inflationand regular driving or stabilization of cycle breakthroughs.

He attributed the recent correction in commodity prices to a number of factors, indicating that the global economy will witness further slowdown due to higher interest rates, liquidity withdrawal, constrained financial spending and lower disposable income due to inflation. In aggregate demand, there is a slowdown in activity. This is evident in the large correction in prices of highly cyclical commodities such as energy and base metals.