WB predicts worst global economic growth in decades – media

Global economic growth in 2024 will be the weakest start to the decade in 30 years. This was stated on Tuesday, January 9, in the World Bank’s January World Economic Prospects report.

According to the World Bank, economic growth will slow to 2.4% in 2024 and recover slightly to 2.7% in 2025 amid falling inflation and easing of monetary policy.

“The global economy is in a better position than a year ago: the risk of a global recession has decreased, mainly due to the strength of the US economy,” the institution said.

The World Bank attributed the poor performance to the effects of the pandemic, weak trade and geopolitical tensions, which could create new short-term risks for the global economy.

It estimates that by the end of 2024, people in about one in four developing countries and about 40% of low-income countries will be poorer than they were before the 2019 COVID pandemic.

“Such weak near-term growth will leave many of the poorest countries with crippling levels of debt and poor access to food for nearly one in three people,” said World Bank chief economist Indermeet Gill. .

At the same time, the World Bank estimated Ukraine’s GDP growth in 2023 at 4.8%. In 2024, economic growth is expected to be 3.2% (in October 2023, the World Bank predicted growth of 4%).

The economic growth forecast for Ukraine in 2025 is maintained at 6.5%.

In the next 15 years, China will be the world’s largest economy and the UK the fastest growing economy in Europe, according to new long-term forecasts.