Economy: World Bank cuts global growth forecasts

AWANI

The World Bank significantly lowered global economic growth forecasts due to rising trade tensions and policy uncertainty, affecting nearly 70% of economies across all regions and income levels.

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00:00The World Bank slash global economic growth forecast citing heightened trade tensions and policy uncertainty.

00:08The turmoil resulted in lower growth forecasts in at least 70% of all economies across all regions and income groups,

00:16according to the latest biannual global economic prospectus reports issue.

00:20The report cut the 2025 global economic growth forecast to 2.3% from 2.7% in January.

00:312025 with the 2026 growth forecast lowered to 2.4% from 2.7%.

00:37Advanced economies are expected to see an expansion of 1.2% in 2025,

00:43down from 1.7% in earlier forecasts while the growth forecast with emerging market and developing economies

00:50was lowered by 0.3 percentage points to 3.8% in 2025.

00:56In particular, the United States is expected to grow by 1.4% in 2025,

01:020.9 percentage points less than previous forecasts and only half of the 2.8% growth in 2024.

01:09Both the euro area and Japan are expected to grow 0.7% this year,

01:160.3 percentage points and 0.5 percentage points lower from previous estimates respectively.

01:22While China's growth forecast for both 2025 and 2026 remain unchanged,

01:28the world economy is once more running into turbulence

01:31while a soft landing appeared to be in sight only six months ago, said the report.

01:35The report cautioned that without a swift course of correction,

01:39the harm to living standards could be deep.

01:42The global economy is expected to see a tepid recovery in 2026 and 2027,

01:47but world output would remain materially below projections made in January 2025.

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