Global economy risks second recession within three years, warns World Bank

Washington-based body cuts 2023 growth forecast amid threats from inflation, interest rates, Covid and war

Any fresh setback to a global economy already rapidly weakening as a result of high inflation, interest rates and war could result in a second recession within three years in 2023, the World Bank has warned.

In its half-yearly health check, the Washington-based institution said it had cut its 2023 growth forecast from 2.9% to 1.7% after the risks it identified six months ago all materialised.