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WASHINGTON – The World Bank has issued a stern warning about a global economic slowdown, projecting that the world economy will grow at a modest rate of 2.4% this year. This projection represents the weakest expansion period in over thirty years, signifying a slight decline from the 2.6% growth recorded in the previous year. The forecasted slowdown is attributed to a multifaceted combination of challenges including persistent recovery efforts from the pandemic, ongoing geopolitical tensions particularly wars affecting Ukraine and Gaza City, a downturn in investment activities, and intensified natural disasters driven by climate change.
In its latest semiannual Global Economic Prospects report, the World Bank highlighted several factors contributing to the subdued economic outlook. Advanced economies are expected to see growth of merely around 1.2%, while emerging markets and developing nations are predicted to experience growth rates below 4%. This is a marked shift from past trends where emerging economies often exhibited more robust growth figures.
One of the key focal points of the report is China, which is projected to encounter a considerable slowdown in its economic expansion compared to last year’s performance. The World Bank pointed to several challenges facing the Asian giant, including a decline in consumer spending, structural issues such as an ageing population and high levels of debt.
The broader implications of these projections are significant, with the World Bank suggesting that the global economy could be entering a “decade of missed opportunities.” This period may be characterized by the weakest growth since the 1990s for most countries, due in part to the persistent recovery efforts from the pandemic and increased frequency and intensity of natural disasters driven by climate change.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Source: Investing.com
