The Global Economic Prospects report, published on Tuesday, projects the region’s growth to slow from 3.7% in 2022 to 3.2% in 2023. The report says fiscal space has narrowed further, while surging import bills and higher debt burdens have heightened financing needs. “These elevated domestic vulnerabilities together with tight global financial conditions and weak global growth are expected to keep recoveries subdued over the forecast horizon,” the report projects. The increasing risk of financial stress in emerging markets and developing economies is already forcing the global growth to slow sharply. The Global growth is projected to decelerate from 3.1% in 2022 to 2.1% in 2023.

Source: Ethiopian News June 07, 2023 22:29 UTC