World Bank Brightens View of Global Growth This Year, Downgrades 2024

WASHINGTON—The World Bank sees better global economic growth than previously estimated in 2023, thanks to resilient U.S. consumer spending and China’s faster-than-expected reopening in the early part of the year.

The bank still expects slowing growth in the second half of this year and a muted expansion into next year, according to its forecast released Tuesday. It warned that stubbornly high inflation and interest-rate increases are weighing on economic activity around the world, particularly in developing countries.

The bank now projects the world’s economy will grow 2.1% this year, up from the 1.7% pace it forecast in January. The new estimate still marks a slowdown from last year’s 3.1% expansion.

“The global economy remains in a precarious state,” the multilateral lender said in the latest issue of its semiannual Global Economic Prospects report. The bank noted overlapping negative shocks from the pandemic, Russia’s invasion of Ukraine and the sharp tightening of monetary policy.

The bank forecasts growth of 2.4% next year—a pickup from this year, but not as much as its January estimate of 2.7%.

The somewhat improved 2023 outlook is consistent with other data showing the U.S. and much of Europe have so far avoided a recession that many forecasters expected heading into 2023.

Better-than-expected economic performances at the start of the year have helped keep inflation stubbornly high in many advanced economies. As a result, policy makers in the U.S. and other rich nations have continued to raise interest rates to tame inflation. The World Bank says that the impact is felt particularly acutely in many developing nations.

For many lower-income countries, higher rates are crimping growth, slowing investment and intensifying the risk of financial crises, the bank said.

“The possibility of more widespread banking turmoil and tighter monetary policy could result in even weaker global growth,” the World Bank said. Rapid U.S. rate increases since early 2022 have created a pocket of volatility in the otherwise stable banking system, contributing to the failures of Silicon Valley Bank, Signature Bank and First Republic Bank earlier this year.

The drag on economic activities from tighter monetary policy is growing more pronounced in interest-rate-sensitive sectors such as business and residential investments.

Emerging markets and developing economies outside of China are expected to see their growth slow to 2.9% this year from 4.1% last year.

“Besieged by high inflation, tight global markets and record debt levels, many countries are simply growing poorer,” said Indermit Gill, World Bank chief economist.

Some of the world’s poorest nations are particularly vulnerable. Many of their governments have been forced to spend growing shares of their limited resources to pay higher interest on their debts, putting their finances in precarious positions and raising risks of financial dislocations, the World Bank said.

The average ratio of debt to gross domestic product among the 28 poorest countries, those with per capita incomes below $1,085 annually, has grown to 67% from 36% in 2011. These countries spend just 3% of their revenues to support their poorest citizens.

Gill urged central banks, particularly those from rich countries, to communicate their intentions as early and clearly as possible to avoid the disruptive spillover to global financial markets. Monetary officials from emerging markets may need to tighten their own policies to limit capital outflow and currency depreciation, which could fuel inflation, he said.

Pure Amazon, an A&K Sanctuary, has officially launched its voyages into the 21,000-square-kilometre Pacaya-Samiria National Reserve.

Designed for just 22 guests, the new vessel positions itself at the high end of wilderness travel, offering quiet, immersive, and attentive experiences with a one-to-one staff-to-guest ratio. The focus is on proximity to wildlife and landscape, without the crowds that have made parts of the Amazon feel like tourism has arrived before the welcome mat.

Where Architecture Meets the River

The design direction comes from Milan-based architect Adriana Granato, who has reimagined the boat’s interiors as part gallery, part observatory. Floor-to-ceiling windows frame rainforest scenes that shift hour to hour, and every space holds commissioned artworks by Peruvian artists.

The dining room’s centrepiece, Manto de Escamas de Paiche by Silvana Pestana, uses bronze and clay formations that mirror the scale patterns of the Amazon’s giant fish. Pestana’s works throughout the vessel reference environmental fragility, especially the scars left by illegal gold mining.

In each suite, hand-painted kené textiles by Shipibo-Konibo master artist Deysi Ramírez depict sacred geometry in natural dyes. Cushions by the BENEAI Collective feature 20 unique embroidered compositions, supporting Indigenous women artists and keeping traditional techniques alive in a meaningful, non-performative way.

Wildlife Without the Tame Script

Days on board are structured around early and late river expeditions led by naturalist guides. Guests may encounter pink river dolphins cutting through morning mist, three-toed sloths moving like they’re part of the slow cinema movement, and black caimans appearing at night like something from your childhood nightmares.

The prehistoric hoatzin appears along riverbanks, giant river otters hunt in packs, and scarlet macaws behave like the sky belongs to them. The arapaima — the same fish inspiring Pestana’s artwork — occasionally surfaces like an apparition.

A Regional Culinary Lens

The culinary program is led by a team from Iquitos with deep knowledge of Amazonian produce.

Nightly five-course tasting menus lean into local ingredients rather than performing them. Expect dishes like caramelised plantain with river prawns, hearts of palm with passionfruit, and Peruvian chocolate paired with fruits that would be unpronounceable if you encountered them in a supermarket aisle.

A pisco-led bar menu incorporates regional botanicals, including coca leaf and dragon’s blood resin.

A Model of Conservation-First Tourism

Pure Amazon’s conservation approach goes beyond the familiar “offset and walk away” playbook. Through A&K Philanthropy, the vessel’s operations support Indigenous community-led economic initiatives, including sustainable fibre harvesting and honey production in partnership with Amanatari.

Guests also visit FORMABIAP, a bilingual teacher training program supporting cultural and language preservation across several Indigenous communities. Notably, the program enables young women to continue their education while remaining with their families — a rarity in remote regions.

Low-intensity lighting, heat pump technology, and automated systems reduce disturbance to the reserve’s nocturnal wildlife.

The Experience Itself

Itineraries span three, four, or seven nights. Mornings often begin with quiet exploration along mirrorlike tributaries; afternoons allow for spa treatments or time on the open-air deck. Evenings shift into long dinners and soft-lit river watching as the rainforest begins its nightly soundtrack.

Granato describes the vessel as “a mysterious presence on the water,” its light calibrated to resemble fire glow rather than a foreign object imposing itself on the dark.

It is, in other words, slow travel done with precision.

World Bank Brightens View of Global Growth This Year, Downgrades 2024

Bank warns of risks to poorer nations from rising interest rates

Pure Amazon has begun journeys deep into Peru’s Pacaya-Samiria National Reserve, combining contemporary design, Indigenous craftsmanship and intimate wildlife encounters in one of the richest ecosystems on Earth.