Sharp, Long-lasting Slowdown To Hit Developing Countries Hard 2023 Global Growth To Slow To 1.7%
The World Bank Group has said that global economy is projected to grow by 1.7% in 2023 and 2.7% in 2024.
The sharp downturn in growth is expected to be widespread, with forecasts in 2023 revised down for 95% of advanced economies and nearly 70% of emerging market and developing economies. It said that over the next two years, per-capita income growth in emerging market and developing economies is projected to average 2.8%—a full percentage point lower than the 2010-2019 average.
In Sub-Saharan Africa—which accounts for about 60% of the world’s extreme poor—growth in per capita income over 2023-24 is expected to average just 1.2%, a rate that could cause poverty rates to rise, not fall.