World Bank gives warning of global economy’s recession The world economy is perilously close to entering a recession, according to World Bank President David Malpass, who also asked for targeted assistance for the poor. He said that the World Bank had cut its global growth prediction for 2023 from 3% to 1.9%. He warned that was perilously near to a global slump. On the sidelines of the annual meeting of the World Bank and the International Monetary Fund in Washington, Mr. Malpass was speaking with reporters. According to him, the poor have been particularly severely struck by issues like inflation, an increase in interest rates, and the cessation of capital flows to emerging nations. He claimed that the World Bank faces enormous difficulty as a result of these issues. World Bank gives warning of global economy’s recession According to Mr. Malpass, our main objective is to assist those in underdeveloped nations in advancing. He claimed that several nations have already increased their interest rates to the point where they may no longer need to do so. Malpass contends that high-interest rates are mostly to blame for the rising level of debt in emerging nations, as well as for the weakening of those nations’ currencies and the increase in debt itself. He claimed that the debt burden is increased by the currency’s devaluation.