Global Economic Growth Moderates, Geopolitical Tensions Rise, Concerns Over Long-Term Dynamism

• Global economy growing at 3.2% this year and next, but falls short of pre-pandemic growth rates and masks uneven picture across countries • Geopolitical divisions emerging, with potential for large output losses if global trading system splits into separate US and China-centric blocs • Growth expected to slow over remainder of decade, slipping to 2.8% by 2030 - a "historically weak" rate • Despite dodging earlier fears of soaring interest rates and unemployment, current sluggish growth raises concerns that pre-2008 crisis dynamism won't return • U.S. outpaces global economy this year at 2.7% growth, but large deficits may add to inflation and threaten stability long-term