Global growth is projected to slow for the third year in a row, falling from 2.6% last year to 2.4% in 2024, nearly three-quarters of a percentage point below the 2010s average.
By the end of 2024, the population of about one in four developing countries and about 40% of low-income countries will still be poorer than they were before the COVID-19 pandemic. In advanced economies, meanwhile, growth in 2024 is projected to slow from 1.5 % in 2023 to 1.2 % in 2024.
The global economy is in better shape than it was a year ago: the risk of a global recession has diminished, largely due to the strength of the U.S. economy. But rising geopolitical tensions could create new near-term dangers for the global economy.
By 2024, global trade growth is projected to be only half the average recorded in the decade before the pandemic. In addition, borrowing costs for developing economies are likely to remain high as global interest rates stagnate at four-decade highs in inflation-adjusted terms.
Translated by: A.M