Higher interest rates weighing on global growth, World Bank warns in gloomy outlook
CFA Penn Mutual Asset Management CIO Mark Heppenstall discusses the consumer price index report, recession risk in the U.S. and his outlook for the labor market as companies are set to begin wave of layoffs. has slowed sharply in the face of higher interest rates, chronic inflation and continued fallout from the banking crisis.
The world economy is expected to expand just 2.1% this year, after growing 3.1% in 2022, the Washington-based institution said in its semiannual Global Economic Prospects report released Tuesday. Advanced economies, including the U.S., are projected to also cool to a growth rate of just 0.7% this year – a marked drop from the 2.6% rate recorded in 2022 and one of the weakest growth rates in the last five decades, according to Indermit Gill, the World Bank Group's chief economist and senior vice president.
Federal Reserve Chair Jerome Powell attends a press conference in Washington, D.C., on July 27, 2022.Still, the newest report marks a slight improvement from the forecasts laid out by the World Bank in January, when it projected world growth of just 1.7% this year. At the same time, the 2024 growth forecast – 2.4% – is weaker than the bank's previous prediction of 2.7%.
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