World Bank forecasts bring forward worst five-year period (2020-2025) for growth in 30 years

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The world economy is expected to grow by just 2.4% in 2024 (vs. 2.6% in 2023), indicating weak growth for the third year in a row, before rebounding to 2.7% in 2025. These levels are below the 3.1% average growth of the previous decade. This year, real GDP growth is projected to weaken in both advanced economies – 1.2% in 2024 compared to 1.5% in 2023 – and emerging economies – 3.9% in 2024 compared to 4% in 2023. In the country breakdown, the European Union will show a timid increase (0.7% in 2024 vs. 0.4% in 2023) while China (4.5% in 2024 vs. 5.4% in 2023), the US (1.6% in 2024 vs. 2.5% in 2023) and Japan (0.9% in 2024 vs. 1.8% in 2023) will show a significant slowdown. On the trade side, 2024 is expected to see a rebound from the previous year – 2.3% in 2024 vs. 0.2% – although it will be only half the average of the pre-pandemic decade, marking the worst start to the decade (2020-2024) for international trade growth since the globalisation drive of the 1990s.

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