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World Bank forecasts 2024 global growth to slow for third consecutive year

Tuesday, the World Bank said that global growth will slow for the third year in a row in 2024. This will make poverty last longer and make it harder for poor countries to pay their debts.

After the COVID-19 pandemic and the war in Ukraine, which caused inflation and interest rates to rise around the world, the first half of the 2020s looks like it will be the worst half-decade performance in 30 years, the report said.
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In its most recent report, the World Bank said that there will be 2.4% growth in global GDP this year. In 2023, 2.6%, in 2022, and 6.2%, it was lower. But when the pandemic finished in 2021, it went up.

And that would mean less growth from 2020 to 2024 than in the years before the global financial crisis in 2008–2009, the Asian financial crisis in the late 1990s, and the downturns in the early 2000s, according to Ayhan Kose, Deputy Chief Economist at the World Bank.
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The development lender said that growth this year will be the slowest since the global financial crisis of 2009, if you don’t count the pandemic in 2020.

It thinks that global growth will be slightly higher in 2025, at 2.7%. This is less than the 3.0% growth rate that was predicted in June, because the world’s advanced countries are expected to slow down.

It looks like the World Bank’s goal of ending extreme poverty by 2030 will not be met because of the slowdown in the economy caused by political disputes.

“Unless we make some big changes,” World Bank Group Chief Economist Indermit Gill said in a statement, “the 2020s will be remembered as a decade of missed chances.”

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