Global economy will slow for a third straight year in 2024, World Bank predicts – By Paul Wiseman (Associated Press) / Jan 9, 2024
WASHINGTON (AP) — Hobbled by high interest rates, persistent inflation, slumping trade and a diminished China, the global economy will slow for a third consecutive year in 2024.
That is the picture sketched by the World Bank, which forecast Tuesday that the world economy will expand just 2.4 percent this year. That would be down from 2.6 percent growth in 2023, 3 percent in 2022 and a galloping 6.2 percent in 2021, which reflected the robust recovery from the pandemic recession of 2020.
Heightened global tensions, arising particularly from Israel’s war with Hamas and the conflict in Ukraine, pose the risk of even weaker growth. And World Bank officials express worry that deeply indebted poor countries cannot afford to make necessary investments to fight climate change and poverty.
