Soft landing ‘increasingly possible’ for global economy in 2024: World Bank

News Snapshot:

Worldwide economic growth is set to slow for the third straight year in 2024 but defy fears of a recession, according to a new World Bank forecast. The global growth rate is expected to decrease this year to 2.4% from an estimated 2.6% last year, according to the World Bank’s latest Global Economic Prospects report. In 2025, it is expected to tick back up to 2.7%. The forecast for a 2024 slowdown, according to the World Bank, is due to weak global trade and the effects of elevated interest rates that central banks hiked to cool inflation. Many countries are...