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According to the World Bank, the results of 2023 show that the growth of the global economy will be 2.6%, which is a better indicator than the previous forecast of 2.1%. At the same time, economic growth will decline to 2.5% in 2024, but will increase to 2.7% in 2025, taking into account the decline in inflation and the easing of monetary and credit policy.
According to the bank’s calculations, global economic growth in the period 2020 to 2024 is the weakest start to the decade in 30 years.
“On the one hand, the global economy is in a better position than it was a year ago: the risks of a global recession have diminished given the increasing strength of the US economy. However, growing geopolitical risks could lead to new short-terms. “Long-term threats to the global economy,” says the World Bank.
It is noted that the economy of developing countries will grow by only 3.9%, which is one percentage point less than the average indicator of the last decade. “After last year’s disappointing results, economic growth in developing countries will also be lower than previously forecast,” the report says.
According to the World Bank, by the end of 2024, people in one in four developing countries and about 40% of developing countries will be even poorer than before the Covid pandemic in 2019.
In Europe and Central Asia, growth is expected to be 2.4 percent this year and increase by 0.3 percentage points next year. The main drivers of growth will be the increase in private consumption, which will be supported by decreasing inflationary pressure, as well as the increase in exports.
However, there is also some uncertainty regarding the Russian invasion of Ukraine. Excluding Russia and Ukraine, the region’s growth rates could rise by 3.1% this year and 3.7% next year.
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