Recession is defined by the International Monetary Fund as a worldwide GDP decline of less than 2.5 percent, according to reports.
The World Bank had anticipated that the global economy would come “dangerously close” to recession earlier in 2023, but the forecasts did not materialize. Analysts delayed releasing a comparable prediction for the upcoming year in this regard.
A few investment banks predict a growth rate that is even lower than 2.6%. Deutsche Bank, for instance, projects global economic growth of 2.4%.
Analysts expect that the strain on the global economy and global political tensions will account for the decline in GDP growth.
source: reuters.com
