The World Bank has warned that the global economy is on track for its worst half-decade of growth in 30 years, as higher borrowing costs and geopolitical tensions weigh on output.
In its latest report "Global Economic Prospects" published today, the multilateral organisation said gross domestic product in the world economy was set to expand just 2.4 per cent in 2024 — down from 2.6 per cent last year.
And the World Bank says Latin America and the Caribbean experienced a significant economic slowdown last year, growing just 2.2 per cent.
The Bank says this deceleration came in the context of heightened inflation and tight monetary policy.
The economic outlook for the region suggests a gradual recovery, with growth projected to increase to 2.3 per cent in 2024 and 2.5 per cent in 2025.
The bank said excluding Guyana, which is experiencing a resource boom, Caribbean economies are expected to grow by 4.1 per cent in 2024 and 3.9 per cent in 2025, partly due to the ongoing expansion of the tourism sector.