World Bank revises up 2023 global growth forecast to 2% from 1.7%

The World Bank on Monday revised up its global economic growth forecast for 2023 to 2%, from its previous projection of 1.7% in January.

However, the economic slowdown from stronger growth last year will raise debt issues for developing countries, President David Malpass told a media briefing in Washington.

The upward revision is a result of improved outlook for China's recovery from the coronavirus pandemic lockdowns and advanced economies, especially the U.S., performing better than January when the previous projections were made, he said.

Malpass, however, added that the banking crisis and high oil prices could put downward pressure on growth projections during the rest of this year.