Global economy set to grow

Global economy will slow again in 2024, World Bank predicts

The World Bank says high interest rates, persistent inflation and sluggish trade will see the global economy slow for a third consecutive year in 2024. It has forecast growth of just 2.4% in 2024, marking a slowdown on the 2.6% growth recorded in 2023, the 3% seen in 2022 and the 6.2% rate posted in 2021. Indermit Gill, the World Bank's chief economist, said: “Near-term growth will remain weak, leaving many developing countries - especially the poorest - stuck in a trap." The World Bank predicts that global inflation will hit 3.7% in 2024, with this a decline on the 5.3% recorded last year. It expects the rate to fall again in 2025, to 3.4%.