The global economy should be stable at 2.6 percent in 2024, according to the World Bank.
If it happens, it would mark the first of its kind in three years.
However, the stabilisation will be below the recent historical standards of 3.1 percent average in the decade before COVID-19.
This was stated by World Bank in the statement issued on Tuesday by the bank’s online media briefing centre on the world bank’s latest Global Economic Prospects report.
It was also stated that the growth in low-income economies increase to five per cent in 2024 from 3.8 per cent in 2023.
The report, however, said the forecasts for 2024 growth reflected downgrades in three out of every four low-income economies since January.
“The forecast implies that throughout 2024-2026 countries that collectively account for more than 80 per cent of the world’s population will experience slower growth than in the pre-COVID decade.
“The report said overall, developing economies were projected to grow four per cent on average over 2024-25, slightly slower than in 2023.”
The advanced economic growth was set to remain steady at 1.5 per cent in 2024 before rising to 1.7 per cent in 2025.
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