Stronger-than-expected growth in the United States accounted for most of the World Bank’s more upbeat outlook. Photo / File
The World Bank upgraded its outlook for the global economy Tuesday, estimating that it will expand 2.6 per cent this year on the strength of sustained growth in the United States.
The bank’s latest outlook marks an increase from the 2.4 per cent growth for 2024 it had predicted in January. And it would match the global economy’s 2.6 per cent expansion in 2023.
But the agency cautioned that global growth remains sluggish by past standards, that the poorest countries are struggling under the weight of heavy debts and high interest rates and that increased trade barriers endanger prosperity worldwide.
The brutal wars in Ukraine and Gaza are inflicting further pressures on regional economies.
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Stronger-than-expected growth in the…
