WASHINGTON (NEWSnet/AP) — Hobbled by high interest rates, persistent inflation, slumping trade and a diminished China, the global economy will slow for a third consecutive year in 2024.
That is the picture presented by the World Bank, which forecast Tuesday that the world economy will expand just 2.4% this year.
That would be down from 2.6% growth in 2023, 3% in 2022 and a noticeable 6.2% in 2021, which reflected a robust recovery from the pandemic recession of 2020. But it is a half a percentage point faster in 2023 than the World Bank predicted in June, with the organization concluding that “the risk for a global recession has receded.”
Looking ahead: heightened global tensions pose the risk of even weaker growth.
And World Bank officials express worry that deeply indebted poor countries cannot afford to make necessary investments to fight climate change and poverty.
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