World Bank Sees Rising Risk of Global Recession in 2023

World Bank Sees Rising Risk of Global Recession in 2023
Vehicles pass in front of the World Bank building, which houses the International Centre for Settlement of Investment Disputes, in Washington on May 20, 2022. Raphael Satter/Reuters
Reuters
Updated:

WASHINGTON—The world may be edging toward a global recession as central banks across the world simultaneously hike interest rates to combat persistent inflation, the World Bank said on Thursday.

The world’s three largest economies—the United States, China, and the euro area—have been slowing sharply, and even a “moderate hit to the global economy over the next year could tip it into recession,” the bank said in a new study.