Heightened trade tensions and policy uncertainty are expected to drive global growth down this year to its slowest pace since 2008 outside of outright global recessions, the World Bank’s latest global economic prospects report showed on Tuesday.
The turmoil has resulted in growth forecasts being cut in nearly 70 per cent of all economies across all regions and income groups. Global growth is projected to slow to 2.3 percent in 2025, nearly half a percentage point lower than the rate that had been expected at the start of the year.
