The World Bank warned on Tuesday that the global economy was on track for its worst growth in five years, the worst in three decades, and predicted growth would pick up in 2025.
According to CNBC, the bank's World Economic Outlook report predicts global economic growth will slow to 2.4% in 2024 from 2.6% in 2023. report Tuesday.
However, the growth rate is expected to recover to 2.7% by 2025, the magazine continued.
“There is a war in Eastern Europe and Russia is invading Ukraine. There are serious conflicts in the Middle East. The escalation of these conflicts will have a significant impact on energy prices, affecting not only economic growth but also inflation. “The world bank's deputy chief economist and outlook group director, Ayhan Kose, told CNBC's Sylvia Amaro.
The bank warned that without a “significant course correction”, the 2020s will remain a “decade of wasted opportunities”.
In January 2023, the World Bank Said Deutsche Welle (DW) has reported that the global economy will move dangerously close to recession as the year progresses, led by slowing growth in leading economies such as the United States, Europe and China.
The World Bank, which lends money to poor countries for development projects, said in its annual report that it has cut its forecast for global growth this year by nearly half to just 1.7% from its previous forecast of 3%. announced,” he said. the outlet said.
“If that prediction proves accurate, it would be the third weakest annual economic expansion in 30 years, after the global financial crisis of 2008 and the deep recession caused by the coronavirus pandemic in 2020. “Maybe,” DW said.
Breitbart News has extensive coverage of the World Bank. Click here to read more.
It's important to note that most Americans are not satisfied with the direction President Joe Biden's economy is heading, Breitbart News' John Carney reported on Monday.
“The Biden administration and its allies' response to the public's concerns is not to change policy, but to try to convince the American people that they are just wrong about the economy,” he said.
Breitbart News reported Monday that a recent survey found that nearly half of Americans say their financial situation is worse than it was a year ago.
