Global economic stability expected in 2024: World Bank

Source:China Sport ShowRelease time:19-Jun-2024Clicks:

Article From：Fibre2Fashion

The World Bank's latest Global Economic Prospects report reveals that global economic growth is projected to stabilise in 2024 for the first time in three years. However, the growth rate remains weak compared to recent historical standards. Global growth is forecast to hold steady at 2.6 per cent in 2024, with a slight increase to an average of 2.7 per cent in 2025-26. This is significantly lower than the 3.1 per cent average experienced in the decade prior to the COVID-19 pandemic.

The report highlights that over 80 per cent of the world's population and global GDP will see slower growth compared to the pre-COVID decade.

Developing economies are expected to grow by an average of 4 per cent over 2024-25, a slight decline from 2023. Growth in low-income economies is anticipated to accelerate to 5 per cent in 2024, up from 3.8 per cent in 2023. However, forecasts for 2024 growth have been downgraded for three out of every four low-income economies since January. Advanced economies are projected to maintain a steady growth rate of 1.5 per cent in 2024, increasing to 1.7 per cent in 2025.