US Economic Strength to Drive Global Growth of 2.6% in Current Year

The World Bank has recently upgraded its outlook for the global economy, estimating a 2.6% expansion this year thanks to sustained growth in the United States. This marks an increase from the 2.4% growth predicted in January and matches the global economy’s expansion in 2023. Despite this positive outlook, the agency cautions that global growth remains sluggish compared to past standards, with the poorest countries struggling under heavy debts and high interest rates, as well as increased trade barriers threatening prosperity worldwide.

The strong growth in the United States, the world’s largest economy, accounts for 80% of the World Bank’s upgraded outlook. The agency now expects the U.S. economy to expand by 2.5% in 2024, a significant increase from the 1.6% predicted in January but still below pre-pandemic levels. The World Bank aims to reduce poverty and improve living standards in developing economies by providing grants and low-rate loans to member nations.

Despite a slowdown in the U.S. economy in the first quarter of the year due to temporary factors such as a surge in imports and a reduction in business inventories, core components of economic growth remained solid during this period. The World Bank remains cautiously optimistic about

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