Global growth is slowing to lowest level since pandemic, says World Bank
The World Bank has downgraded its global economic growth forecast to 2.5% for the year, citing the ongoing war in the Middle East and disruptions in the Strait of Hormuz. The report warns of rising inflation and a potential 'lost decade' for developing nations as borrowing costs increase.
Why it matters
This forecast signals significant economic instability and potential food insecurity due to rising fertilizer prices, impacting global development and market stability.
Vessels remain stranded in the strait of Hormuz, a major shipping channel, months after Iran began its blockade. Photograph: Reuters View image in fullscreen Vessels remain stranded in the strait of Hormuz, a major shipping channel, months after Iran began its blockade. Photograph: Reuters World Bank Global growth is slowing to lowest level since pandemic, says World Bank Forecast for this year downgraded to 2.5% and inflation expected to jump as a result of war in the Middle East
The article reports on official World Bank data and forecasts without injecting partisan commentary.
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