WASHINGTON — The World Bank raised its global growth outlook on Tuesday on the back of resilient consumer spending in the United States but warned that growth remains weak by historical standards.
In updated forecasts, the Washington-based development lender said it now expects the world economy to grow by 2.6 percent this year in real terms, up 0.2 percentage points from its last update in January.Its global growth forecast for 2025 remains unchanged at 2.7 percent — below the average rate of 3.1 percent seen in the decade before the Covid-19 pandemic. A general view shows the World Bank Group headquarters building in Washington, DC, on April 9, 2023.
''They face punishing levels of debt service, constricting trade possibilities, and costly climate events,' Gill said, adding that they would need to find ways to bring in new private investment and reduce public debt.The bank now expects emerging market and developing economies to grow by 4.0 percent this year, slightly above the January forecast but also below pre-pandemic levels.The World Bank upgraded its 2024 growth forecast for the world's advanced economies to 1.
Bank Upgrades Global Growth Forecast
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