World Bank Warns of ‘Decade of Wasted Opportunity’ for Post-Pandemic Global Economy

The global economy is poised to endure its worst half-decade of growth in 30 years as the world potentially faces a “decade of wasted opportunity,” the World Bank warned in a new “Global Economic Prospects” report.

Global growth is forecast to slow for the third consecutive year, sliding from 2.6 percent in 2023 to 2.4 percent in 2024. This is nearly three-quarters of a percentage point below the previous decade’s average.

Overall, in the five years through 2024, global economic activity will record the weakest performance since the 1990s, described by the institution as a “wretched milestone.”

Growth in advanced economies is expected to slow to 1.2 percent this year, down from 1.5 percent in 2023. In the United States, the GDP is estimated to be 1.6 percent. The Japanese economy is projected to grow less than 1 percent.

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