FILE – Container cranes at a port in New Jersey appear behind the Statue of Liberty, Sunday, Nov. 20, 2022, in New York. The global economy will come “perilously close” to a recession this year, led by weaker growth in all the world’s top economies — the United States, Europe and China — the World Bank warned Tuesday.(AP Photo/Julia Nikhinson, File)

WASHINGTON (AP) — The World Bank warns the global economy will come “perilously close” to a recession this year, led by weaker growth in the world’s top economies — the United States, Europe and China. The World Bank lends money to poorer countries for development projects. The bank said Tuesday it had slashed its forecast for global growth this year by nearly half, to just 1.7%, from its previous projection of 3%. Though the U.S. might avoid a recession this year, the World Bank predicts global weakness will pose another headwind for America’s businesses and consumers, on top of high prices and more expensive borrowing rates.