The global economy is in a difficult place, World Bank chief says

The World Bank last month cut its 2024 forecast for global economic growth to 2.4% from 2.7% earlier, citing global monetary tightening.

By REUTERS

JULY 17, 2023 16:18

Updated: JULY 17, 2023 18:57

Shoppers walk past sale signs on Oxford Street, as Britain struggles with the highest inflation rate among the world's big rich economies, London, Britain, 17 July 2023 (photo credit: REUTERS/RACHEL ADAMS) — Shoppers walk past sale signs on Oxford Street, as Britain struggles with the highest inflation rate among the world's big rich economies, London, Britain, 17 July 2023

(photo credit: REUTERS/RACHEL ADAMS)

The world economy is in a difficult place but it is not destined to stay there, World Bank President Ajay Banga said on Monday.

The World Bank last month cut its 2024 forecast for global economic growth to 2.4% from 2.7% earlier, citing global monetary tightening.

"The fact is that the world economy is in a difficult place.

"It has outperformed what everybody has thought but it won't mean there won't be more challenges," Banga said on the sidelines of a G20 meeting in the Indian city of Gandhinagar.

A participant stands near a logo of the World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018 (credit: REUTERS/JOHANNES P. CHRISTO)

"Forecast is not equal to destiny. We can change destiny, that's what we should think of right now," Banga said.