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·6d

World Bank Downgrades Global Economic Growth Forecast Amid Trade Tensions

The World Bank has revised its global GDP growth forecast down to 2.3% for 2024, citing trade wars and geopolitical tensions as major factors.


Overview

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  • The World Bank has cut its global GDP growth forecast for 2024 from 2.8% to 2.3%, marking the weakest decade for the global economy since the 1960s.
  • The U.S. economic growth forecast has been downgraded to 1.4% for 2024, reflecting ongoing trade tensions and uncertainty in policy.
  • China's growth is expected to slow from 5% in 2024 to 4.5% this year, contributing to the overall downgrade in global economic forecasts.
  • European countries using the euro are projected to grow by only 0.7% this year, down from 0.9% in 2024, due to the same trade issues.
  • Despite the global downturn, India is predicted to remain the fastest-growing major economy at 6.3% this year, highlighting regional disparities in growth.

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Analysis

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Downgrade global GDP growth forecast to 2.3% due to trade tensions and policy uncertainty.

The World Bank has revised its global GDP growth forecast for this year from 2.7% to 2.3%.

The Guardian logo
Al Jazeera logo
CNN logo
4 articles
75%

Global growth and inflation prospects are worsening due to high policy uncertainty and trade fragmentation, with potential for further deterioration if tariffs increase and uncertainty persists.

The Guardian logo
Al Jazeera logo
2 articles
100%

The tariffs, their erratic implementation and the unpredictability that both have injected into the global economy, are weighing on many businesses and consumers.

CNN logo
1 article
100%

Trump’s on-again off-again tariff hikes have upended global trade, increased the effective US tariff rate from below 3 percent to the mid-teens, its highest level in almost a century, and triggered retaliation by China and other countries.

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1 article
100%

This would be the slowest growth rate outside full-blown recessions since 2008.

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1 article
100%

Articles (9)

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LeftCenterRight
The Guardian
Al Jazeera
CNN
NBC News
ABC News
ABC News
Associated Press
BBC News
Newsmax
2020s on course to be weakest decade for global economy since 1960s, says World Bank
The GuardianThe Guardian·6d·
Leans Left
This outlet slightly leans left.

"…The World Bank has cut its forecasts for growth, blaming Donald Trump’s trade war and says the 2020s are on course to be the weakest decade for the global economy since the 1960s."

World Bank slashes global economic outlook as trade tensions continue
Al JazeeraAl Jazeera·6d·
Leans Left
This outlet slightly leans left.

"…The gloomier projections come as Trump imposed a 10 percent tariff on imports from almost all US trading partners in April as well as higher rates on imports of steel and aluminium."

Global economy on track for worst decade since 1960s, World Bank warns | Business
CNNCNN·6d·
Leans Left
This outlet slightly leans left.

"…The sharp increase in tariffs and the ensuing uncertainty are contributing to a broad-based growth slowdown and deteriorating prospects in most of the world’s economies."

World Bank predicts worst decade for global growth since 60s
BBC NewsBBC News·6d·
Center
This outlet is balanced or reflects centrist views.

"…The global economy will see the slowest decade for global growth since the 1960s as the effect of Donald Trump's tariffs are felt, the World Bank has predicted."

World Bank Downgrades Global Growth Forecast to 2.3%
NewsmaxNewsmax·6d·
Right
This outlet favors right-wing views.

"…The bank also lopped 0.4 percentage points off its forecast for global growth this year."

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History

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  • 6d
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    9 articles