World Bank predicts worst decade for global growth since 60s
Summary
The World Bank predicts that the next decade will have the slowest global economic growth since the 1960s, partly due to President Trump's tariffs. Global growth is expected to be 2.3% in 2025 and 2.6% in 2027. The report highlights trade tensions, particularly with the US, as major factors affecting growth.Key Facts
- The World Bank expects the slowest decade for global growth since the 1960s.
- Global growth is predicted to be 2.3% in 2025, down by 0.4% from earlier forecasts.
- The US, Japan, and Europe had their growth forecasts downgraded.
- Tariffs introduced by President Trump, including a 10% tariff on all US imports, contribute to growth concerns.
- A trade ruling found many of these tariffs illegal, but an appeal allowed them to stay for now.
- Increased tariffs might lead to more reductions in growth forecasts.
- The World Bank does not predict a global recession, with less than a 10% chance.
- A trade meeting between the US and China has taken place in London to work on resolving trade issues.
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