The global economy is on course to record its worst half decade of growth in 30 years, according to the World Bank.
Global growth is forecast to slow for the third year in a row in 2024, dipping to 2.4% from 2.6% in 2023, the organization said in its latest "Global Economic Prospects" report released Tuesday.
And despite the global economy proving resilient in the face of recessionary risks in 2023, increased geopolitical tensions will present fresh near-term challenges, the organization said, leaving most economies set to grow more slowly in 2024 and 2025 than they did in the previous decade.
Escalation of these conflicts could have significant implications for energy prices that could have impacts on inflation as well as on economic growth," Ayhan Kose, the World Bank's deputy chief economist and director of the Prospects Group, told CNBC's Silvia Amaro.
The bank warned that without a "major course correction," the 2020s will go down as "a decade of wasted opportunity."
Persons:
CNBC's Silvia Amaro
Organizations:
World Bank
Locations:
Eastern Europe, Russian, Ukraine