World Bank revises global economic growth forecast upwards
A new World Bank report looking at global economic trends adjusts the projected expansion of the global economy this year to 2.1%, higher than the previously forecast figure of 1.7% in January but lower than the growth rate in 2023 of 3.1%.
Furthermore, the World Bank has lowered the projected expansion of the global economy next year to 2.4%, down from the January forecast of 2.7%.
The report also states that the global economy continues to be impacted by tight monetary policies and banking sector crises.
Meanwhile, the Bank predicts that the US economy will expand by 1.1% this year, higher than the forecast figure of 0.5% in January, and expects the Chinese economy to grow by 5.6% this year, again higher than the forecast figure of 4.3% in January.
For the year 2024, the World Bank predicts that the United States economy will expand by 0.8%, while the Chinese economy will grow by 4.6%.
