Following a strong rebound in 2021 from COVID-19 induced economic lows, global GDP growth in 2023 decelerated on account of tighter monetary policy to reduce inflation and spillovers from multiple crises including the continued war in Ukraine and the Israel-Hamas conflict in the Middle East. After a sharp slowdown in 2022, global growth is estimated to have slowed from 3.5 percent in 2022 to 3.1 percent in 2023, well below the historical average of 3.8 percent during 2000-2019. The global rebound in services is almost complete with the recovery in tourism maturing.

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