Adaptive economic policies key to staying afloat amid global recession woes — experts

Adaptive economic policies key to staying afloat amid global recession woes — experts

AMMAN — Although World Bank is forecasting global GDP growth to decline in 2023, the organisation is projecting Jordan’s growth to reach 2.4 per cent between 2023 and 2024.

The recent World Bank Group-issued Global Economic Prospects report indicates a sharp, long-lasting economic slowdown, with global growth declining to 1.7 per cent in 2023 from the 3 per cent figure that was expected just six months ago.

 “Given fragile economic conditions, any new adverse development —such as higher-than-expected inflation, abrupt rises in interest rates to contain it, a resurgence of the COVID-19 pandemic or escalating geopolitical tensions —could push the global economy into recession,” the bank said in a statement accompanying the report.