Global Economy Struggles but Shows Signs of Resilience Amid Higher Rates and Geopolitical Headwinds

Central banks will likely continue raising rates to curb inflation, slowing growth in major economies according to the World Bank and OECD.
The war in Ukraine and China's strict zero-COVID policy pose risks to the global recovery which is projected to accelerate slightly in 2023.
Developing economies remain vulnerable as fiscal positions have deteriorated, with 14 facing high debt distress.
The United States, Euro area, and China are projected to lead growth among major economies, though at a slower pace.
Inflation is easing but will likely remain above targets, contributing to weaker consumer demand and business investment worldwide.