Most people in the mainstream concede that the economy is heading for a recession, but the consensus seems to be that downturn will be short and shallow. Projections by the World Bank undercut that optimism.
According to the World Bank, global growth in 2023 will slow to the lowest level since the 2008 financial crisis. In other words, the World Bank is predicting the beginning of Great Recession 2.0.
You might recall that the Great Recession was neither short nor shallow. In fact, World Bank Group chief economist and senior vice president Indermit Gill said, “The world economy is in a precarious position.”
According to the World Bank’s new Global Economic Prospects report, global growth is projected to decelerate to 2.1% this year, falling from 3.1% in 2022. The bank forecasts a significant slowdown during the last half of this year. That would match the global growth rate during […]
Excerpt Sourced From: ourgoldguy.com
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