The World Bank raised its outlook for the current year, saying that a strong U.S. economy will help lift the global growth rate to 2.6%, up from a previous estimate of 2.4% and matching the growth level achieved in 2023. Growth is projected to edge higher in 2025, rising to a 2.7% rate.
In a forward to the updated 2024 outlook, World Bank chief economist Indermit Gill said global economic growth is holding steady this year following a three-year decline, with inflation hitting a three-year low and financial conditions improving. “The world economy, in short, appears to be in final approach for a ‘soft landing,’” he wrote.
Gill called out the U.S. economy for showing “impressive resilience,” despite the tighter monetary conditions imposed by the Federal Reserve in its effort to control inflation. “U.S. dynamism, in fact, is one reason the global economy enjoys some…
