On Monday, World Bank Group President David Malpass said the agency had updated its 2023 global growth prediction to 2% from 1.7% in January. Still, the downturn from higher 2022 growth will create debt distress for developing nations.
Malpass told a media conference that China’s recovery from COVID-19 lockdowns improved, with growth now projected at 5.1% this year. In addition, advanced economies, including the U.S., are performing better than the World Bank predicted in January.
