World Bank reduced the growth forecast for 2024, due to increase in interest rates, the economy will slow down

The World Bank has released a report on the global economy today. The World Bank reported in the report that the global economy is in a precarious state and is heading towards a steep decline in the growth rate.
The rapid rise in interest rates has stifled activity and exacerbated vulnerabilities in low-income countries, news agency Reuters quoted a World Bank report as saying.
The World Bank in its latest report has projected that the global economy will expand by only 2.1 percent in 2023, after growing by 3.1 percent in 2022.
The World Bank said that even though the recent strong momentum prompted the institution to raise its world GDP forecast for the year to 2.1 percent from 1.7 percent projected in January, the World Bank has cut its forecast for 2024 to 2.7 percent. percent to 2.4 percent.
The Federal Reserve and other major central banks have been aggressively raising interest rates to combat inflation, but the pandemic-induced recession, persistent supply shortages, and a jump in energy and food prices due to the Ukraine war are adding to the woes. Are.
The World Bank has raised its forecast for US economic growth this year to 1.1 percent. The World Bank has more than doubled its projected growth rate in January, despite the weakening of the US economy.
At the same time, in January, the World Bank expressed the hope that the economic development of Europe would not increase at all. Let us tell you that Europe was struggling due to high energy prices due to the Ukraine war.