site.btaWorld Bank Cuts 2023 Global Growth Forecast to 1.7%, Bulgaria with Forecast Growth of 1.7%

The World Bank sharply lowered its forecast for global economic growth on Tuesday amid elevated inflation, aggressive central bank policy, deteriorating financial conditions and shock waves from Russia's invasion of Ukraine. Bulgarian economy is forecast to grow by 1.7% in 2023 and by 3.3% in 2024 - a decline of 2.6 percentage points and 0.4 percentage points respectively from the previous forecast of June 2022.

The group projects that the world economy will expand by 1.7% in 2023 and by 2.7% the following year. The sharp decline in growth is expected to be all-encompassing, with downwardly revised projections for 2023 for 95% of the advanced economies and nearly 70% of the emerging markets and developing economies.