World Bank estimates: Global growth will slow for the third consecutive year in 2024 – Dainik Savera Times
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Washington: The World Bank has predicted a gloomy outlook for the global economy and is likely to slow growth for the third consecutive year in 2024. This was said in the Global Economic Prospects report released on Tuesday. The report forecasts world economic growth to slow further to 2.4 percent in 2024, before picking up to 2.7 percent in 2025 – much lower than the average growth of 3.1 percent seen in the 2010s.
After 6.2 percent in 2021, which is attributed to a low base due to the COVID-19 pandemic, the World Bank estimates global growth will slow to 3 percent in 2022 and then 2.6 percent in 2023. The report said that due to first the Covid-19 pandemic, then the war in Ukraine and then the rise in inflation and interest rates around the world, the first half of 2020 looks like it will be the worst half-decade performance in 30 years. .
“Yet the outlook remains bleak beyond the next two years,” Indermeet Gill, the bank’s chief economist, said in a statement. Gill said, ‘The end of 2024 will mark the halfway point of what is expected to be a transformative decade for development – when extreme poverty is to be ended, when major communicable diseases are to be eliminated and when greenhouse-gas emissions are to be reduced. Almost half had to be cut.
World Bank Deputy Chief Economist Ayhan Köse said this would lead to weaker growth in the 2020–2024 period than in the years surrounding the 2008–2009 global financial crisis. Meanwhile, the World Bank believes that India’s growth rate will increase from 6.3 percent in 2023-24 to 6.4 percent in 2024-25 and 6.5 percent in 2025-26.
“India is projected to maintain the fastest growth rate among the world’s largest economies, but its recovery after the pandemic is expected to be slow,” the World Bank report said. Investment is expected to decline modestly but will remain strong, supported by higher public investment and improved corporate balance sheets, including in the banking sector, the report said.
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