Global economy faces decade of ‘wasted opportunity’, warns World Bank

The global economy is at risk of a “wasted” decade and the weakest stretch of growth in 30 years, the World Bank warned overnight, saying a sluggish recovery from the pandemic and crippling wars in Ukraine and the Middle East are expected to weigh heavily on output. In its semiannual Global Economic Prospects report, the World Bank projected that the growth in world output will slow further in 2024, declining to 2.4 per cent from 2.6 per cent. Although the global economy has been surprisingly resilient, the report warned that its forecasts were subject to heightened uncertainty because of the two wars, a diminished Chinese economy…