The global economy is projected to grow by 1.7% in 2023 and 2.7% in 2024, the World Bank has said.
The sharp downturn in growth is expected to be widespread, with forecasts in 2023 revised down for 95 percent of advanced economies and nearly 70 percent
World Bank is narrowing the global economic growth for 2022 from 4.1 percent to 3.2 percent, World Bank Group President David Malpass said Monday.
The group is discussing the next-phase financing for Ukraine's reconstruction efforts this week, he added.
The World Bank Group now sees the Kenyan economy expanding by a higher five percent this year.
This is in contrast to a lower projection of 4.5 percent, an outlook posted at the end of June.
The new projection is contained in the multi-lateral
lender’s October projections for
Kenya’s passport has been ranked 9th best in Africa
and 71 in the world, having moved three steps up after it was positioned 74th
globally in 2019.
This is an indication that holders of Kenyan passport are
able to access 71 destinations across the world without a prior visa.
The World Bank has raised concerns in this year’s global
economic growth despite cool trade tensions between the United States and
The multilateral development bank revealed that 2019 marked
the weakest economic expansion since the global financial crisis a decade ago,
and 2020 remained vulnerable to uncertainties over trade