THE WORLD BANK FORECASTS GLOBAL GDP GROWTH

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Upgraded Growth Forecast: The World Bank (WB) has raised its global economic growth forecast for 2024 to 2.6%, up from the 2.4% forecast in January.

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Future Growth Projections: Growth is expected to accelerate to 2.7% y/y in 2025-2026, which is still lower than the average 3.1% growth recorded in the decade before the COVID-19 pandemic.

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Low-Income Countries Growth in low-income countries is projected to accelerate to 5% in 2024, up from 3.8% in 2023.

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Developed Countries: In developed countries, the economy is expected to grow by 1.5% in 2024 and by 1.7% in 2025.

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Global Inflation: Global inflation is anticipated to slow to 3.5% in 2024 and to 2.9% in 2025, though this is not as significant a reduction as previously predicted.

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Interest Rates: Global interest rates are expected to remain high, averaging about 4% per annum in 2025-2026, which is roughly double the average from 2000-2019.

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US GDP Growth: The US GDP is expected to grow by 2.5% in 2024 and by 1.8% in 2025-2026.

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