The World Bank predicts that the global economy will experience its worst half decade of growth in 30 years, with growth forecasted to slow for the third consecutive year in 2024. The organization’s report warns of increased geopolitical tensions and highlights the potential impact of conflicts on energy prices and economic growth. The bank calls for a “major course correction” to prevent the 2020s from being a “decade of wasted opportunity.” Developing economies are expected to be the hardest hit, with sluggish global trade and tight financial conditions hindering growth. The report also emphasizes the need for increased investment and strengthened fiscal policies.
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