Wahyu Dwi Anggoro
IDXChannel - The global economy is set to rack up a sorry record by the end of 2024, the slowest half-decade of gross domestic product (GDP) growth in 30 years, according to the World Bank’s latest Global Economic Prospects report.
Global growth is projected to slow for the third year in a row, from 2.6% last year to 2.4% in 2024, almost three-quarters of a percentage point below the average of the 2010s.
Developing economies are projected to grow just 3.9%, more than one percentage point below the average of the previous decade. After a disappointing performance last year, low-income countries should grow 5.5%, weaker than previously expected.
By the end of 2024, people in about one out of every four developing countries and about 40% of low-income countries will still be poorer than they were on the eve of the pandemic in 2019. In advanced economies, meanwhile, growth is set to slow to 1.2% this year from 1.5% in 2023.
“Without a major course correction, the 2020s will go down as a decade of wasted opportunity,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President, in a media release on Tuesday (9/1/2024).
