KUWAIT CITY, Jan 21: Al-Shall’s weekly report has highlighted the release of a World Bank report on January 9, encapsulating its assessment of the global economic outlook, reports Al-Anba daily. The report touches on a nuanced perspective, combining elements of both pessimism and optimism. On the downside, the World Bank projected that the current five-year period (2020 to 2025) would witness the weakest global economic growth in three decades. Contrastingly, the report indicated a more favorable present scenario compared to projections a year ago, emphasizing the increased likelihood of a secure economic landing.

This positive shift was predominantly attributed to the robust performance of the American economy, aligning with findings from a January 4 report on the same subject by the United Nations’ economic and financial management. While the global economy is anticipated to sustain positive growth, the report anticipated a third consecutive year of deceleration. Following a 2.6% growth in 2023, the forecast for 2024 hovered around 2.4%, marking a 0.75% decrease from the growth rates observed in the previous decade (2010 to 2020). The sluggish growth was attributed to varied rates of growth within economic and geographical groups globally. A major contributor to the weak economic performance was identified in the diminished growth of advanced economies, with their rates projected to drop from 1.5% in 2023 to 1.2% in 2024.