News / Gloomy picture as global economic indicators predict a tough year

© Tudor Antonel

Any further major financial shocks could see the global economy sink into recession, according to a World Bank global forecast.

Otherwise, the World Bank expects a sharp deceleration in global growth to 1.7%, “its third-weakest pace in nearly three decades, overshadowed only by the 2009 and 2020 global recessions”.

Major economies, including Europe, the US and China, are experiencing “pronounced weakness” in their economies, noted its January’ report, adding a warning that a combination of other factors, such as indebtedness and tightening ...