World Bank: Global Economy on Track for Worst Half-Decade of Growth in 30 Years

The World Bank warned Tuesday that the global economy is moving toward its worst half-decade of growth in 30 years while also predicting growth will rise in 2025.

The bank’s Global Economic Prospects report forecasted that global growth would slow in 2024, dropping to 2.4 percent from the 2.6 percent recorded in 2023, CNBC reported Tuesday.

However, growth is expected to climb back up to 2.7 percent in 2025, the outlet continued:

“You have a war in Eastern Europe, the Russian invasion of Ukraine. You have a serious conflict in the Middle East. Escalation of these conflicts could have significant implications for energy prices that could have impacts on inflation as well as on economic growth,” Ayhan Kose, the World Bank’s deputy chief economist and director of the Prospects Group, told CNBC’s Silvia Amaro.

The bank warned that without a “major course correction,” the 2020s will go down as “a decade of wasted opportunity.”

In January 2023, the World Bank said the global economy would inch dangerously near a recession as the year progressed, headed by weaker growth in the powerful economies of the United States, Europe, and China, Deutsche Welle (DW) reported.

“In an annual report, the World Bank, which lends money to poorer countries for development projects, said it had slashed its forecast for global growth this year by nearly half, to just 1.7 percent, from its previous projection of three percent,” the outlet said.

“If that forecast proves accurate, it would be the third-weakest annual expansion in three decades, behind only the deep recessions that resulted from the 2008 global financial crisis and the coronavirus pandemic in 2020,” DW stated:

Breitbart News has covered the World Bank extensively. Click here to read more.

It is important to note that most American citizens are not pleased with the direction that President Joe Biden’s economy is heading, Breitbart News’s John Carney reported Monday.

“The response of the Biden administration and its allies to the public’s concerns has not been to change policy but to attempt to convince Americans that they are just wrong about the economy,” he wrote.

A recent survey found almost half of Americans say they are worse off regarding the economy than they were a year prior, Breitbart News reported Monday.