Global economy headed for worst half-decade in 30 years, World Bank warns

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• autotldr@lemmings.world [bot] ⁨2⁩ ⁨years⁩ ago

  This is the best summary I could come up with:

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  The global economy will slow in 2024 for the third straight year and appears headed for its weakest half-decade since the early 1990s, the World Bank will say Tuesday in its latest annual forecast.

  While higher interest rates appear to be bringing inflation under control without the serious financial crisis or soaring unemployment that many had feared, the global economy’s overall performance is lagging, said Indermit Gill, the bank’s top economist.

  Governments pledged to transform the global economy by the end of this decade by setting 17 ambitious aims, including eliminating extreme poverty, cutting greenhouse gas emissions nearly in half, boosting education for the poor and eradicating hunger.

  Still, the bank celebrated progress in bringing inflation under control, as supply chain kinks were ironed out and higher borrowing costs cooled business activity.

  By implementing policy changes such as expanded trade and capital flows and government budget discipline, developing countries could fuel an investment boom, the bank said, citing historical examples.

  In 192 episodes since 1950, countries such as Chile, Colombia and Turkey increased annual economic growth rates by almost one-third thanks to sharply higher spending on new plants and equipment.

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