World Bank expects global economic growth to slow in 2024
by ChemOrbis Editorial Team - content@chemorbis.com
According to the World Bank’s Global Economic Prospects report released on its website, global growth will slow in 2024 for a third consecutive year to 2.4%. Meanwhile, the forecast for 2025 is at 2.7%, slightly up from 2024. Nonetheless, these figures are below the average economic growth rate of 3.1% in the 2010s.
The main drivers behind the forecast are tight monetary policy, restrictive financial elements and weak global trade and investment. The first half of 2020s, marked so far by the COVID-19 pandemic, wars in Europe and the Middle East, and higher inflation and interest rates around the globe, is expected to remain sluggish.
Overall, the global economic growth for the 2020-2025 period is forecast to be the weakest half-decade performance in the last 30 years.
The 2024 growth forecasts for major economies such as the USA and Eurozone came in at 1.6% and 0.7%, respectively. China’s economic growth forecast slowed to 4.5% in 2024, down from the 2023 level of 5.2%.
Meanwhile, the forecast for Türkiye stood at 3.1%, down from the 2023 estimation of 4.2%.
The main drivers behind the forecast are tight monetary policy, restrictive financial elements and weak global trade and investment. The first half of 2020s, marked so far by the COVID-19 pandemic, wars in Europe and the Middle East, and higher inflation and interest rates around the globe, is expected to remain sluggish.
Overall, the global economic growth for the 2020-2025 period is forecast to be the weakest half-decade performance in the last 30 years.
The 2024 growth forecasts for major economies such as the USA and Eurozone came in at 1.6% and 0.7%, respectively. China’s economic growth forecast slowed to 4.5% in 2024, down from the 2023 level of 5.2%.
Meanwhile, the forecast for Türkiye stood at 3.1%, down from the 2023 estimation of 4.2%.
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