The world economy is expected to expand just 2.1% this year after growing 3.1% in 2022, the Washington-based institution said in its semiannual Global Economic Prospects report released Tuesday.
Advanced economies, including the U.S., are projected to also cool to a growth rate of just 0.7% this year – a marked drop from the 2.6% rate recorded in 2022 and one of the weakest growth rates in the last five decades, according to Indermit Gill, the World Bank Group's chief economist and senior vice president.
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