The World Bank warns of a slowdown in global economic growth, projecting a drop to 2.4 percent in 2024 before a potential rise to 2.7 percent in 2025.
Factors such as conflicts in Eastern Europe and the Middle East could impact energy prices, inflation, and economic growth.
The bank emphasized the need for a significant change in course to avoid labeling the 2020s as a “decade of wasted opportunity.” (Trending: Fox News Star Accused Of Major Scandal)
Additionally, concerns about the direction of President Joe Biden’s economy were highlighted, with almost half of Americans expressing dissatisfaction with their economic situation compared to the previous year.
“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,” World Bank deputy chief economist Ayhan Kose said.
“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,” the report noted.
“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.”
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