Urgent action needed to dilute risk of downturn, says World Bank

Even without another crisis, global growth this year "is expected to decelerate sharply" the World Bank said

The World Bank is concerned that “further adverse shocks” could push the global economy into recession in 2023, with small states especially vulnerable. The warning is contained in an abstract for the bi-annual “Global Economic Prospects” report due for release on Tuesday and visible on the group’s Open Knowledge Repository website. 

Even without another crisis, global growth this year “is expected to decelerate sharply, reflecting synchronous policy tightening aimed at containing very high inflation, worsening financial conditions, and continued disruptions from Russia’s invasion of Ukraine,” the World Bank said. “Urgent global and national efforts” are needed to mitigate the risk of