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US-driven growth boosts global economic outlook to 3%

US-driven growth boosts global economic outlook to 3%

Posted on June 17, 2024   |  

The World Bank upgraded its global economic growth forecast to 2.6% for 2024, with the US driving much of this increase.

This revision is up from the earlier prediction of 2.4% and matches the 2023 growth rate.

The US, being the world's largest economy, is expected to grow by 2.5% in 2024, despite a slow start in the first quarter.

Global growth remains below the past decade's average, with inflation cooling but still above central bank targets.

Emerging markets and developing countries are anticipated to grow collectively by 4% in 2024, slightly lower than in 2023.

China's economy is expected to slow to 4.8% growth in 2024 due to challenges in its real estate market and weak consumer confidence.

Latin America's growth is projected to decrease to 1.8% in 2024, while sub-Saharan Africa is expected to see modest growth of 3.5%.

Eurozone countries are forecasted to have a slight growth of 0.7% in 2024, impacted by the Ukraine-Russia conflict, while Japan's growth is expected to slow to 0.7%.



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