World Bank upgrades global growth forecast on back of robust US economy
- The World Bank raises its global economic growth projection to 2.6% fueled by the strong performance of the US economy.
- US economy expected to grow by 2.5% this year according to the World Bank's forecast.
- The global economy anticipates a positive outlook due to sustained growth in the United States.
The World Bank raised its global growth outlook to 2.6 percent this year, citing resilient consumer spending in the United States. However, growth remains weak compared to historical standards. The bank highlighted concerns for the world's poorest economies, which are facing high levels of debt, limited trade opportunities, and costly climate events. Emerging market and developing economies are expected to grow by 4.0 percent this year, slightly above previous forecasts but still below pre-pandemic levels. The US economy is projected to grow by 2.5 percent in 2024, driven by strong consumption and government spending. The World Bank also upgraded its growth forecast for China to 4.8 percent, despite a slowdown in real estate activity. Overall, global growth is expected to be 2.6 percent this year, with the US contributing significantly to the positive outlook.