World Bank raises global growth outlook for 2023 on China's recovery

World Bank Group President David Malpass announced on Monday the lender has raised its global growth forecast for 2023 to 2 percent from 1.7 percent in January due to China's recovery.

According to Reuters, Malpass attributed the upward revision to an improved outlook after China adjusted its COVID-19 pandemic response, with growth in the country expected to reach 5.1 percent this year compared to a previous estimate of 4.3 percent.

Advanced economies, including the United States, are also doing a bit better than the bank anticipated, he added.

However, the World Bank chief warned that turmoil in the banking sector and higher oil prices could again put downward pressure on growth prospects, and it would take time to resolve the problem of bank asset mismatch.