The World Bank cuts its global growth forecast for 2024

The World Bank said global GDP is set to rise 2.1% this year, higher than January’s forecast of 1.7%, while lowering its 2024 global growth forecast to 2.4% from the 2.7% projected in January.

The bank stated that inflation is expected to decrease gradually with slowing growth, declining demand for labor in many economies, and stabilizing commodity prices, but added that core inflation is expected to remain above central bank targets in many countries throughout 2024.

Growth in the US for 2023 is now expected to come in at 1.1%, more than double the forecast of 0.5% in January, while China’s growth is expected to pick up to 5.6% from the forecast of 4.3% in January.