Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.

Global economy set for 3rd straight year of slowdown in 2024- World Bank

Posted on January 15, 2024 |

The World Bank predicts a 3rd straight year of a slowing global economy in 2024, citing issues like high interest rates, ongoing inflation, reduced trade, and a weakened China.

The forecast for global economic growth in 2024 is 2.4%, down from 2.6% in 2023, 3% in 2022, and a strong 6.2% in 2021 during the post-pandemic recovery.

Increased global tensions, including conflicts like Israel's with Hamas and the situation in Ukraine, pose potential risks for even weaker economic growth.

In 2023, global economic growth surpassed predictions in June, alleviating worries of an imminent global recession.

The U.S. led global growth in 2023 with a 2.5% expansion, exceeding the World Bank's earlier expectations.

However, U.S. growth is expected to slow to 1.6% in 2024 due to higher interest rates.

The Federal Reserve's efforts to raise U.S. interest rates 11 times since March 2022 have contributed to reducing U.S. inflation from its mid-2022 peak.

Global inflation is anticipated to decrease from 5.3% in 2023 to 3.7% in 2024 and 3.4% in 2025, though it will remain above pre-pandemic averages.

Previous Next