The World Bank in its latest Global Economic Prospects report expects global growth to slow markedly from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023 as the build-up of demand evaporates and fiscal and monetary support start to unwind around the world. Advanced, East Asia and Pacific economies are forecasted to shrink the most while the Middle East, Africa and South Asia will continue to expand. The slowdown coincides with an increasing divergence in growth rates between advanced economies and emerging and developing economies. Growth in advanced economies is expected to slow from 5% in 2021 to 3.8% in 2022 and 2.3% in 2023, that it says will sustain output and investment to pre-pandemic levels. However, in emerging and developing economies, growth is expected to fall more precipitously from 6.3% in 2021 to 4.6% in 2022 and 4.4% in 2023. While the advanced economies are expected to achieve full recovery in 2023, the World Bank expects outputs in emerging and developing economies to remain at least 4% below pre-pandemic trends.
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