For the third consecutive year, the World Bank anticipates a sluggish global growth in 2024.
According to the latest Global Economic Prospects report from the World Bank, the global GDP is expected to increase by 2.4% this year.
On Tuesday, the World Bank cautioned that global growth is expected to decelerate for the third consecutive year in 2024, leading to prolonged poverty and increased debt levels in many developing nations. Hindered by the impacts of the COVID-19 pandemic, followed by the war in Ukraine and subsequent surges in inflation and global interest rates, the first half of the 2020s now appears poised to register the weakest performance in three decades, the organization added. The latest Global Economic Prospects report from the World Bank forecasts a 2.4% growth in global GDP for the current year. This contrasts with 2.6% in 2023, 3.0% in 2022, and the notable 6.2% rebound observed in 2021 as the pandemic waned.
According to World Bank Deputy Chief Economist Ayhan Kose, this projected growth would result in a weaker performance during the 2020-2024 period compared to the years surrounding the 2008-2009 global financial crisis, the late 1990s Asian financial crisis, and the downturns in the early 2000s.