Three major U.S. banks have collapsed since March

Posted BY: | NwoReport

The expansion of the global economy will significantly decelerate in 2023 and 2024, according to a report by the World Bank published on Tuesday.

“The world economy is in a precarious position,” said Indermit Gill, the World Bank Group’s chief economist and senior vice president. The institution forecasts global growth to slow down from 3.1% in 2022 to 2.1% in 2023, according to the World Bank’s Global Economic Prospects report.

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The U.S. economy is projected to grow 1.1% in 2023 and slow down to 0.8% in 2024 primarily due to the continuing effects of interest rate hikes since March 2022, according to the report. The report also says U.S. interest rates have harmed emerging markets and developing economies, increasing their potential for a financial crisis.

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