In its latest Global Economic Prospects report, the World Bank has indicated that the global economy is expected to stabilize this year for the first time in three years. However, the projected global growth rate of 2.6% in 2024 remains weaker than recent historical standards, which saw an average growth of 3.1% in the decade before the COVID-19 pandemic. The growth rate is expected to slightly improve to an average of 2.7% from 2025-2026.
“Four years after the upheavals caused by the pandemic, conflicts, inflation, and monetary tightening, it appears that global economic growth is steadying,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President. “However, growth is at lower levels than before 2020.”
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