Why is it in the news?

• The World Bank Group has released its flagship report titled ‘Global Economic Prospects.’

About the Report

• Anticipates global trade growth in 2024 to be only half of the average in the decade preceding the pandemic.
• Projects a slowdown in global growth for the third consecutive year, dropping from 2.6% in 2023 to 2.4% in 2024.
• Emphasizes the need for increased investments to address climate change and achieve global development goals by 2030.
• Developing countries, to meet climate and development targets, need to increase investments by approximately $2.4 trillion annually.
• The report underscores challenges in sustaining economic growth, particularly in the aftermath of the pandemic, and emphasizes the importance of substantial investments for a sustainable and resilient global economy.