WB lowers global growth forecasts - Reason, trade barriers and political uncertainty
The World Bank lowered its global economic growth forecasts, citing high trade tensions and political uncertainty as key factors.
The unrest resulted in lower growth forecasts in nearly 70 percent of all economies, according to the latest six-month report.
The report lowered its global economic growth forecast for 2025 to 2.3 percent, from 2.7 percent in January 2025. The forecast for next year was lowered to 2.4 percent, from 2.7 percent. Advanced economies are expected to see an expansion of 1.2 percent in 2025, from 1.7 percent in previous estimates, while the growth expectation for emerging markets and economies was lowered by 0.3 percentage points, to 3.8 percent for 2025.
In particular, the United States is expected to grow by 1.4 percent in 2025, 0.9 percentage points less than the previous forecast and only half the 2.8 percent growth in 2024.
Both the Eurozone and Japan will grow by 0.7 percent this year, 0.3 percentage points and 0.5 percentage points less than previous estimates, respectively, while China's growth forecasts for 2025 and 2026 remain unchanged.
The world economy is once again facing turbulence, even though just six months ago everything seemed to be heading for improvement.
"Without a rapid course correction, the damage to living standards could be profound," the report warned.
The global economy is expected to see a slow recovery in 2026 and 2027, but world output will remain significantly below forecasts made in January 2025.
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