Global Economy Set for Weakest Half-Decade Performance in 30 Years
January 9, 2024---As the world nears the midpoint of what was intended to be a transformative decade for development, the global economy is set to rack up a sorry record by the end of 2024-the slowest half-decade of GDP growth in 30 years, according to the World Bank's latest Global Economic Prospectsreport.
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Meanwhile, the medium-term outlook has darkened for many developing economies amid slowing growth in most major economies, sluggish global trade, and the tightest financial conditions in decades. Global trade growth in 2024 is expected to be only half the average in the decade before the pandemic . Meanwhile, borrowing costs for developing economies-especially those with poor credit ratings-are likely to remain steep with global interest rates stuck at four-decade highs in inflation-adjusted terms. |
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