The World Bank Group President, David Malpass says global growth is expected to be weak in 2023, slowing to two per cent from 3.1 per cent in 2022.
Malpass said this in his Opening address at the ongoing Spring Meetings 2023 Media Call, a copy of which was obtained by the News Agency of Nigeria (NAN) on Monday.
He said several factors were weighing on the second-half outlook.
“Oil prices have jumped back above 80 dollars/barrel. The recent banking sector stress dampens activities and inflation pressures persist.
The World Bank Group President, David Malpass says global growth is expected to be weak in 2023, slowing to two per cent from 3.1 per cent in 2022.
Malpass said this in his Opening address at the
ongoing Spring Meetings 2023 Media Call, a copy of which was obtained by the News Agency of Nigeria (NAN) on Monday.
He said several factors were weighing on the second-half outlook.
“Oil prices have jumped back above 80 dollars/barrel. The recent banking sector stress dampens activities and inflation pressures persist.
“I travelled to West Africa in March, where we are working to provide support in the face of these problems.
“Looking at the big picture, I will mention two problems, first, the normalisation of interest rates after an artificial decade near zero.
He said this created problems in terms of the duration mismatch seen in the bank failures, liquidity shortages, and how to allocate the losses.
