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World Bank revises up global growth outlook


The World Bank has revised its 2023 global growth outlook slightly upward to 2% from a January forecast of 1.7%, according to its president David Malpass. However, he warned that the slowdown from stronger 2022 growth will increase debt distress for developing countries. The upward revision was due to an improved outlook for China's recovery from Covid-19 lockdowns, with growth in the country now pegged at 5.1% this year compared to 4.3% in the bank's January Global Economic Prospects report. Advanced economies, including the US and Europe, are also doing better than anticipated. But Malpass said that turmoil in the banking sector and higher oil prices could again put downward pressure on growth prospects in the second half of 2023. He said higher growth was needed for job creation and to slow economic migration from poor countries.

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