The world economy will expand by 2.7 per cent this year and 1.7 per cent next year. The weaker growth is mainly due to the ongoing struggle to lower inflation.
The Asia-Pacific region will continue to lead the global economy in growth, but adverse developments in China will restrain economic activity.
Growth in Latin America over the near term will be weak due to several factors, including rising interest rates, the fallout from a surging greenback, and political uncertainty.
The energy crisis in Europe could derail the economy in 2023.
The ongoing political crisis in the United Kingdom reveals how quickly financial markets will punish governments that increase debt levels when interest rates are rising sharply.
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