.jpg)
The World Bank is projecting global growth of an average 2.6 per cent this year.
According to its Global Economic Prospects report, released this week, the projection is 0.2 per cent above the forecast made in January.
The World Bank has however maintained its outlook for 2025 at 2.7 per cent.
The GDP outlook is also below the 3.1 per cent average growth in the decade before COVID-19.
The bank says the forecast implies that, over the course of 2024 to 2026, countries that collectively account for more than 80 per cent of the world's population and global GDP would still be growing more slowly than they did in the decade before COVID-19.
Overall, developing economies are projected to grow by an average 4 per cent over 2024 to 2025, slightly slower than in 2023.
Growth in low-income economies is expected to accelerate to 5 per cent in 2024, from 3.8 per cent in 2023.
However, the forecasts for 2024 growth reflect downgrades in three out of every four low-income economies since January.
In advanced economies, growth is set to remain steady at 1.5 per cent in 2024, before rising to 1.7 per cent in 2025.
All feeds
