Global Growth Slows for 3rd Year As Wars, Debt Burdens, and Rates Bite
• Global economy will slow for third straight year, World Bank predicts 2.4% growth in 2024 • Persistent high interest rates, inflation, slumping trade, and slowed China contributing to downgrade • Risk of even weaker growth due to heightened global tensions like Israel-Hamas war and Ukraine conflict • Developing countries face "paralyzing debt levels" and inadequate food access for 1 in 3 people • U.S. economy likely grew faster than expected in 2023 but will slow in 2024 as rates curb borrowing