Dubai, UAE–The world may be edging toward a global recession in 2023 and a string of financial crises in emerging market and developing economies that would do them lasting harm, according to a comprehensive new study by the World Bank.
A major factor in bringing the world to this pass is the simultaneously hike in interest rates by central banks across the world to tame the inflation, the World Bank added.
The head of the IMF, Kristalina Georgieva, also talked of a tougher 12 months ahead and expects a third of the world to experience a recession. Accordingly, GDP growth estimates for the countries have been revised from their earlier estimates. Here is the GDP growth forecast for the Gulf Cooperation Council countries: