Among the reasons - the high level of inflation, the war between Russia and Ukraine as the main factors of negative impact on the situation.

This is stated in the updated overview of the World Economic Outlook (WEO), Ukrinform writes.

"Global growth is expected to decline from an estimated 3.4% in 2022 to 2.9% in 2023 and then increase to 3.1% in 2024," the document reads.

The forecast for 2023 is 0.2% better than the WEO's October survey, but remains below the historical level since 2000 of 3.8%.

Among the reasons that affect the current growth rates are, in particular, the increase in rates by central banks in order to fight high inflation, as well as Russia's war in Ukraine.

The rapid spread of COVID-19 in China, considered one of the world's most influential economies, has slowed growth in 2022.

However, the country's recent lifting of restrictions has paved the way for a faster-than-expected recovery.

But global inflation will fall from 8.8% in 2022 to 6.6% in 2023, and to 4.3% in 2024.

The balance of risks to the global economy remains on the downside, but downside risks have eased since the WEO's last report in October.

Read also:

• A trillion for defense and everyday difficulties: what risks will 2023 bring to Ukraine's economy

• Ukraine received an additional $500 million in credit funds from Japan: where will the money go?

• A drop in Ukraine's GDP by 45% and an increase in poverty: the forecast of the World Bank

• How many billions of financial aid has Ukraine received and how much is still expected: the Ministry of Finance has answered

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