Global economic growth will slow down to 2.1% this year due to rising interest rates and financial risks, Report informs citing the World Bank.

The growth rate of the global economy, according to forecasts, will decrease to 2.1% in 2023 compared to 3.1% in 2022, the WB specialists note.

Growth in emerging markets and developing economies, excluding China, is expected to slow to 2.9% from 4.1% last year. These projections reflect a broad downward revision in estimates. Growth estimates have been revised down for 70% of emerging markets and developing economies and nearly all advanced economies.