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World Bank’s Global Economic Prospects Report 2024

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.

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