The World Bank reduced its forecast for global economic growth this year as inflation persists and the global economy is at risk of a recession. The bank expects growth to slow to 1.7 percent in 2023, down from its estimate of 3 percent in June. The international organization cited persistent inflation, rising interest rates, lower investment, pandemic-related disruptions in China, and the Russia-Ukraine War as factors for its adjustment. The organization said that growth was slowing at such a rate that the global economy is at risk of a recession.
