Bulgaria’s economic growth in 2023 will be 1.7%, the World Bank forecast in a new report. The expected rise has been lowered from the 2.6% growth forecast announced in June. For Eastern Europe, the latest expectations are for growth of 1.1 percent.

Global growth will slow "dangerously close" to recession in 2023, according to the institution, which has slashed its economic expectations due to high inflation, rising interest rates and the war in Ukraine.

A sharp, protracted slowdown is likely to push global growth down to 1.7 percent, nearly half the pace previously forecast and among the weakest in decades, the Washington-based institution said.