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Tuesday, March 5, 2024

Global economy will grow by 2.4pc this year: World Bank

(Washington) – Recovery in a handful of countries will boost global growth slightly this year but the outlook is riddled with potential pitfalls that could derail this tepid upswing, the World Bank cautioned.

A renewal of trade tensions, which eased recently with announcement of an initial agreement between the United States and China, would erode the modest progress and could spread quickly beyond the two economic powers.

In its latest Global Economic Prospects report, the World Bank projects the global economy will grow by 2.4 percent this year, just one tenth more than 2019 but slower than the 2020 forecast released in June.

Despite the positive spin, the report — titled “Fragile, Handle With Care” — cuts the forecasts for nearly every country except the United States compared to the last edition in June.

And growth is still not fast enough to meet targets for pulling more people out of poverty.

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