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Global Economy on Track for Worst Half-Decade of Growth in 30 Years

via Business Standard
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The World Bank’s Global Economic Prospects report warned of a slowdown in global growth, with an expected drop to 2.4 percent in 2024 from 2.6 percent in 2023.

However, it also predicted a rebound to 2.7 percent in 2025.

The report highlighted concerns about ongoing global conflicts impacting energy prices, inflation, and economic growth. (Trending: Clintons Scramble To Delete Embarrassing Photo, But Were Too Slow)

Ayhan Kose, the World Bank’s deputy chief economist and director of the Prospects Group, said, “You have a war in Eastern Europe, the Russian invasion of Ukraine. You have a serious conflict in the Middle East. Escalation of these conflicts could have significant implications for energy prices that could have impacts on inflation as well as on economic growth.”

“In an annual report, the World Bank, which lends money to poorer countries for development projects, said it had slashed its forecast for global growth this year by nearly half, to just 1.7 percent, from its previous projection of three percent,” according to Deutsche Welle.

“If that forecast proves accurate, it would be the third-weakest annual expansion in three decades, behind only the deep recessions that resulted from the 2008 global financial crisis and the coronavirus pandemic in 2020,” continued the outlet.

The World Bank emphasized the need for a “major course correction” to avoid the 2020s being labeled as a “decade of wasted opportunity.”

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