The World Bank Raises Its Global Growth Forecast For 2023 On China’s Recovery

David Malpass, Group President of World Bank announced that, the lender has raised its global growth forecast for 2023 to 2 percent from 1.7 percent in January due to China’s rebound.

According to Reuters, Malpass attributed the upward revision to an improved outlook after China adjusted its COVID-19 pandemic response, with growth in the country expected to reach 5.1 percent this year compared to a previous estimate of 4.3 percent.

Advanced economies, including the United States, are also doing a bit better than the bank anticipated, he added.

However, the World Bank chief warned that turmoil in the banking sector and higher oil prices could again put downward pressure on growth prospects, and it would take time to resolve the problem of bank asset mismatch.