World Bank: Global Growth to Stabilize This Year

The World Bank stated today, Tuesday, that "the stronger-than-expected performance of the US economy has led it to raise its global growth forecasts for this year, but it warned that output will remain significantly below pre-pandemic levels until 2026." In its latest Global Economic Outlook report, the bank predicted that the world would avoid a third consecutive decline in real GDP growth since a substantial surge after the pandemic in 2021, with the growth rate stabilizing in 2024 at 2.6 percent, unchanged from 2023. The new forecasts are about 0.2 percent higher than the bank's estimates in January, largely due to strong demand in the United States.