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2020s on Course To Be Weakest Decade for Global Economy Since 1960s, Says World Bank
The World Bank sharply reduced its global economic growth forecast for 2025 to 2.3% from 2.7%, warning that the current decade is on track to become the weakest for the global economy since the 1960s. The Washington-based lender attributed the downgrade to mounting costs from "international discord ...
The Washington-based lender attributed the downgrade to mounting costs from "international discord -- about trade, in particular," as Donald Trump's tariff policies create unprecedented uncertainty.The revised forecast would mark the slowest growth rate outside full-blown recessions since 2008. Chief economist Indermit Gill said "outside of Asia, the developing world is becoming a development-free zone." The bank said that "many of the forces behind the great economic miracle of the last 50 years" have reversed, with more than half of low-income countries either in debt distress or at high risk.
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