World Bank warns global economy could easily tip into recession in 2023

The World Bank on Tuesday slashed its 2023 growth forecasts saying that it now expected global GDP growth of 1.7% in 2023, the slowest pace outside the 2009 and 2020 recessions in nearly three decades. In June 2022, the bank had forecast 2023 global growth at 3.0%. The bank also warned of major slowdowns in advanced economies.