Facing challenges such as high interest rates, persistent inflation, declining trade, and a weakened China, the global economy is projected to decelerate for the third consecutive year in 2024, according to the World Bank.

The forecast indicates a modest 2.4% expansion this year, a decline from 2.6% in 2023, 3% in 2022, and the robust 6.2% growth experienced in 2021 during the post-pandemic recovery from the recession of 2020.

The World Bank highlights heightened global tensions, particularly stemming from events like Israel’s conflict with Hamas and the situation in Ukraine, as factors posing a risk of further weakening growth, the Associated Press reported.

Additionally, concerns are raised about heavily indebted poor countries struggling to afford essential investments to combat climate change and poverty.

Written by B.C. Begley

The World Bank is warning the global economy is on track for its worst half-decade of growth in 30 years.

30 years.

Growth is slowing down, and debt is spiralling out of control.

What a time to be alive.

— Gold Telegraph ⚡ (@GoldTelegraph_) January 10, 2024

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