The global economic growth is expected to stabilize for the first time in three years in 2024, but at a level that is weak by recent historical standards, according to the World Bank’s latest Global Economic Prospects report.
Global growth is projected to hold steady at 2.6 percent in 2024 before edging up to an average of 2.7 percent in 2025-26. That is well below the 3.1 percent average in the decade before COVID-19.
"The good news is that global economy is stabilizing. We see after three years of consecutive weakness in terms of growth, we will see stable growth this year. Growth is going to be around 2.6 percent, and in fact, next year, we are expecting a little bit of pickup," said Ayhan Kose, deputy chief economist of the World Bank Group.
The report noted the risks facing the global economy, including geopolitical tensions, trade fragmentation, and extreme weather disasters.
The report says economic activity in China was stronger than expected at the start of this year, thus it has raised its forecast for China's economic growth in 2024 to 4.8 percent, compared with the 4.5-percent prediction in January.
World Bank says global economic growth stabilizing, upgrades China's GDP growth forecast
World Bank says global economic growth stabilizing, upgrades China's GDP growth forecast
