Global Economic Prospects report

• World Bank released its latest “Global Economic Prospects 2024” report recently.

Major findings

• Global growth is forecast to slow for the third year in a row in 2024, dipping to 2.4% from 2.6% in 2023.
• Global trade growth in 2024 is expected to be only half the average in the decade before pandemic.
• Risks –
  • The recent conflict in the Middle East, Russian Federation’s invasion of Ukraine, has heightened geopolitical risks which could lead to surging energy prices, with broader implications for global activity and inflation.
  • Other risks include- financial stress related to elevated real interest rates, persistent inflation, weaker-than-expected growth in China, further trade fragmentation, and climate change-related disasters.