Global economic growth stabilizing but well below pre-pandemic levels, World Bank says


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The World Bank on Tuesday said the U.S. economy’s stronger-than-expected performance has prompted it to lift its 2024 global growth outlook slightly but warned that overall output would remain well below pre-pandemic levels through 2026. The World Bank said in its latest Global Economic Prospects report that the global economy would avoid a third consecutive drop in real GDP growth since a major post-pandemic jump in 2021, with 2024 growth stabilizing at 2.6 per cent, unchanged from 2023. That’s up 0.2 percentage point from the World Bank’s January forecast, largely on the strength of U.S. demand. “In a sense, we...