Global Economy on Track for , Worst 5 Years of Growth , in 3 Decades.
The World Bank recently warned that
the global economy is headed toward its
worst half decade of growth in over 30 years.
CNBC reports that global growth
has been forecast to slow for the
third consecutive year in 2024. .
The World Bank said in its latest
'Global Economic Prospects' report that global
growth dropped from 2.4% to 2.6% in 2023.
In 2025, the organization predicts growth will rise
marginally to 2.7%, while acceleration is expected
to remain well below the average rate of the 2010s.
The World Bank warned that heightened
geopolitical tensions present challenges
that threaten to leave many economies with
slower growth than in the previous decade.
You have a war in Eastern Europe,
the Russian invasion of Ukraine.
You have a serious conflict
in the Middle East. , Ayhan Kose, World Bank deputy chief economist
and director of the Prospects Group, via CNBC.
Escalation of these conflicts could
have significant implications for
energy prices that could have
impacts on inflation as well
as on economic growth, Ayhan Kose, World Bank deputy chief economist
and director of the Prospects Group, via CNBC.
The World Bank went on to warn that without
a "major course correction," the 2020s will be
remembered as "a decade of wasted opportunity.".
Near-term growth will remain weak,
leaving many developing countries
— especially the poorest — stuck in
a trap: with paralyzing levels of debt
and tenuous access to food for
nearly one out of every three people, Indermit Gill, World Bank Group chief economist
and senior vice president, via CNBC.
Near-term growth will remain weak,
leaving many developing countries
— especially the poorest — stuck in
a trap: with paralyzing levels of debt
and tenuous access to food for
nearly one out of every three people, Indermit Gill, World Bank Group chief economist
and senior vice president, via CNBC.
The bank stressed that the world's goal of making
the 2020s a "transformative decade" appears to be
failing, but governments still have time to act. .
Investment booms have
the potential to transform
developing economies and
help them speed up the energy
transition and achieve a wide
variety of development objectives, Ayhan Kose, World Bank deputy chief economist
and director of the Prospects Group, via CNBC.
Investment booms have
the potential to transform
developing economies and
help them speed up the energy
transition and achieve a wide
variety of development objectives, Ayhan Kose, World Bank deputy chief economist
and director of the Prospects Group, via CNBC