Publication:
Global Economic Prospects, June 2023

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dc.contributor.authorWorld Bank
dc.date.accessioned2023-05-25T14:14:40Z
dc.date.available2023-05-25T14:14:40Z
dc.date.issued2023-06-06
dc.description.abstractGlobal growth is projected to slow significantly in the second half of this year, with weakness continuing in 2024. Inflation pressures persist, and tight monetary policy is expected to weigh substantially on activity. The possibility of more widespread bank turmoil and tighter monetary policy could result in even weaker global growth. Rising borrowing costs in advanced economies could lead to financial dislocations in the more vulnerable emerging market and developing economies (EMDEs). In low-income countries, in particular, fiscal positions are increasingly precarious. Comprehensive policy action is needed at the global and national levels to foster macroeconomic and financial stability. Among many EMDEs, and especially in low-income countries, bolstering fiscal sustainability will require generating higher revenues, making spending more efficient, and improving debt management practices. Continued international cooperation is also necessary to tackle climate change, support populations affected by crises and hunger, and provide debt relief where needed. In the longer term, reversing a projected decline in EMDE potential growth will require reforms to bolster physical and human capital and labor-supply growth.
dc.identifier.doi10.1596/978-1-4648-1951-3
dc.identifier.isbn978-1-4648-1951-3
dc.identifier.isbn978-1-4648-1952-0 (electronic)
dc.identifier.urihttps://openknowledge.worldbank.org/handle/10986/39846
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectMACROECONOMICS
dc.subjectGDP GROWTH
dc.subjectINTEREST RATES
dc.subjectEXCHANGE RATES
dc.subjectINFLATION
dc.subjectEMERGING AND DEVELOPING ECONOMIES
dc.subjectEMDE
dc.titleGlobal Economic Prospects, June 2023en
dc.typeBook
dspace.entity.typePublication
okr.crossref.titleGEP June 2023
okr.date.disclosure2023-06-06
okr.doctypePublications & Research::Publication
okr.guid099060723202024954
okr.identifier.docmidP176968
okr.identifier.doihttp://dx.doi.org/10.1596/39846
okr.language.supporteden
okr.region.administrativeEAP, ECA, LAC, MNA, SAR, SSA
okr.region.geographicalWorld
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Inflation
okr.topicMacroeconomics and Economic Growth::Economic Development
okr.topicMacroeconomics and Economic Growth::Climate Change Economics
okr.topicFinance and Financial Sector Development::Financial Sector and Social Assistance
okr.unitEFI Prospects Group
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