The World Bank’s latest forecast finds that most economies will grow much more slowly in 2024 and 2025 than they did in the decade before COVID-19, implying that progress toward many development goals will be at risk. Fortunately, with the right policies, there is still time to turn the tide.
WASHINGTON, DC – As 2024 begins, the outlook for the global economy seems to be improving. Major economies are emerging mostly unscathed from the fastest rise in interest rates in 40 years, without the usual scars of financial crashes or high unemployment. Countries rarely succeed in taming steep inflation rates without triggering a recession. Yet a “soft landing” is now becoming more likely. Not surprisingly, financial markets are in a celebratory mood.
WASHINGTON, DC – As 2024 begins, the outlook for the global economy seems to be improving. Major economies are emerging mostly unscathed from the fastest rise in interest rates in 40 years, without the usual scars of financial crashes or high unemployment. Countries rarely succeed in taming steep inflation rates without triggering a recession. Yet a “soft landing” is now becoming more likely. Not surprisingly, financial markets are in a celebratory mood.