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starbet777 World Bank sees slow and steady global growth — report
The World Bank Group logo is seen on the building of the Washington-based global development lender in Washington on January 17, 2019. (FILE photo by Eric BARADAT / Agence France-Presse)
Washington, United States — Global growth should remain stable this year and next, but at recent historic lows, the World Bank said Thursday, expressing particular concern about growth in developing countries.
Growth should hit 2.7 percent in 2025 and 2026, in line with the level reached last year, the World Bank announced in a new report, adding that inflation and interest rates should “decline gradually” over this period.
Article continues after this advertisement“Growth in developing economies is also expected to hold steady at about 4% over the next two years,” the Bank said, noting that this was a weaker performance than before the Covid-19 pandemic.
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The benchmark Philippine Stock Exchange Index (PSEi) shed 0.49 percent, or 36.67 points, to close at 7,400.33.
Growth at this level would be “insufficient to foster the progress necessary to alleviate poverty and achieve wider development goals,” it added.
Article continues after this advertisement“Most of the forces that once aided their rise have dissipated,” World Bank chief economist Indermit Gill said in a statement, referring to the world’s developing economies.
Article continues after this advertisement“In their place have come daunting headwinds: high debt burdens, weak investment and productivity growth, and the rising costs of climate change,” he added.
Article continues after this advertisementAs a sign of this slowdown, economic growth per capita in developing countries since 2014 — excluding China and India — has been 0.5 percentage points lower, on average, than in wealthy economies, the bank’s report found.
In response to this weaker growth, the world’s developing countries need to develop a new playbook to push through domestic reforms, Gill said.
Article continues after this advertisementThis playbook should encourage greater private sector investment, deepen trade relations, and promote a “more efficient use of capital, talent and energy,” he said.
The Bank expects growth to slow in East Asia and the Pacific, as well as in Europe and Central Asia, due to a combination of weak domestic demand in both China and Europe.
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www play777games comOn the other hand, sub-Saharan Africa, Latin Americastarbet777, the Middle East and North Africa will benefit from stronger demand, leading to more robust growth.
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