The World Bank has lowered its global growth forecast amid growing concerns about the trajectory of the world economy. According to the latest report, rising interest rates and volatile commodity prices are expected to dampen economic activity in the coming year.

The institution’s revised forecast reflects increasing uncertainty in the global economic environment. Factors contributing to this uncertainty include geopolitical tensions, inflationary pressures, and the potential for further interest rate hikes by central banks around the world. The World Bank emphasized the need for countries to implement policies that promote sustainable and inclusive growth in order to mitigate the risks associated with the slowing global economy.