World Bank Forecasts Slower Global Economic Growth in 2024

High interest rates, persistent inflation, and geopolitical conflicts contribute to the weakest stretch of growth in 30 years.

Global economy is expected to slow for a third consecutive year in 2024, with growth declining to 2.4% from 2.6% in 2023.
High interest rates, persistent inflation, slumping trade, and a diminished China are contributing to the slowdown.
World Bank warns of a 'wasted' decade and the weakest stretch of growth in 30 years due to sluggish recovery from the pandemic and wars in Ukraine and the Middle East.
U.S. growth is expected to decelerate to 1.6% this year due to higher interest rates, while China's growth is expected to slow to 4.5% from 5.2% in 2023.
Geopolitical risks, including conflicts in Eastern Europe and the Middle East, could lead to surging energy prices and impact global activity and inflation.