World Bank Lifts 2023 Global Growth Forecast: 5 ETF Picks
Nasdaq The World Bank raised the global growth forecast for this year as the United States, China and other major economies have shown greater-than-expected resiliency. This was primarily due to the recovery of the China economy and improving growth prospects in several major economies.
The global economy is set to climb 2.1%, up from 1.7% projected in early January but well below the 2022 growth rate of 3.1%. The rise in projections came on the back of strength in the labor market, better-than-expected consumption in the United States and solid recovery in China following COVID-19 lockdowns. Additionally, the Fed might be nearing the end of its interest rate hiking cycle given easing inflation, something that will bolster the worlds largest economy.
Global economic growth accelerated to its fastest pace for one and a half years in May as demand for services continued to revive. The Global PMI compiled by S&P Global across more than 40 economies grew for a sixth consecutive month from 54.2 in April to 54.4, its highest since November 2021.
