World Bank expects global economic growth to fall to its lowest level in three decades by the end of 2030, calling the period from now until then the 'lost decade'
The World Bank expects global economic growth to fall to its lowest level in three decades by the end of 2030, calling the period from now until then the "lost decade."
"Nearly all the economic forces that powered progress and prosperity over the last three decades are fading. As a result, between 2022 and 2030 average global potential GDP growth is expected to decline by roughly a third from the rate that prevailed in the first decade of this century to 2.2 percent a year," it added.
"These declines would be much steeper in the event of a global financial crisis or a recession," the World Bank warned. He added that the ongoing decline in potential growth has serious implications for the world’s ability to tackle some of the current major challenges, such as poverty, diverging incomes, and climate change.
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