In its new forecast, the World Bank joined the chorus warning of a potential global recession in 2023. Whether economic growth declines or only stagnates, the long-term trend is concerning for developed and emerging markets. The World Bank forecasts global per capita income to grow by just 2.8 percent this year, compared with 6 percent before the pandemic. Emerging economies are particularly vulnerable to the effects of high inflation and currency depreciation. Investment is also expected to remain subdued through 2024. Roughly a fifth of emerging economies is already effectively locked out of global debt markets – a share likely to rise over the course of this year.