This is what the institution indicates in its Global Economic Prospects for 2023. According to its forecasts, the World Bank estimates that Mauritius will have a growth rate of 5.5% in 2023 against 5.8% in 2022. The World Bank forecasts that growth in 2024 will be 4.2%. The institution stresses that small island states have been heavily impacted by inflation. The report cites a double-digit rate for Mauritius last year. However, it announces a recovery of the tourism sector in 2022. This means that the economy will not reach its pre-Covid-19 level before 2024.
The World Bank slashed its 2023 growth forecasts on 10 January to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia’s war in Ukraine continues, and the world’s major economic engines sputter.
The bank said major slowdowns in advanced economies, including sharp cuts to its forecast to 0.5% for the United States and flat GDP for the eurozone, could foreshadow a new global recession less than three years after the last one.