World Bank chief raises 2023 global growth outlook

World Bank chief raises 2023 global growth outlook: World Bank Group President David Malpass has informed that the lender has revised its 2023 global growth outlook slightly upward to 2% from a January 2023 forecast of 1.7%.

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But the slowdown from stronger 2022 growth will increase debt distress for developing countries.

Reason: The upward revision was due to an improved outlook for China’s recovery from Covid-19 lockdowns, with growth now pegged at 5.1% this year compared to 4.3%.