World Bank
New Delhi: Global economic growth is projected to slow to 2.3% in 2025, its slowest pace since 2008 outside of recessions, due to rising trade tensions and policy uncertainty, according to the World Bank. As a result, growth forecasts have been downgraded in 70% of economies.
The global GDP growth projection has been revised downwards from 2.7% forecasted in January. The World Bank expects global output to grow by 2.4% in 2026 and 2.6% in 2027.
If current projections hold, the first seven years of the 2020s will mark the slowest average global growth of any decade since the 1960s, the report noted.
"Growth in developing economies has ratcheted down for three decades-from 6% annually in the 2000s to 5% in the 2010s-to less than 4% in the 2020s," said Indermit Gill, World Bank's group's chief economist and senior vice president for development economics.
The global GDP growth projection has been revised downwards from 2.7% forecasted in January. The World Bank expects global output to grow by 2.4% in 2026 and 2.6% in 2027.
If current projections hold, the first seven years of the 2020s will mark the slowest average global growth of any decade since the 1960s, the report noted.
"Growth in developing economies has ratcheted down for three decades-from 6% annually in the 2000s to 5% in the 2010s-to less than 4% in the 2020s," said Indermit Gill, World Bank's group's chief economist and senior vice president for development economics.
