According to the World Bank's estimates, the eurozone is unlikely to show an impressive economic upturn in 2024. The largest financial institution has lowered its growth forecast to 0.7%. According to data from the Global Economic Prospects report, the EU GDP growth has been revised downward to 0.7% in 2024, 0.6% lower than the previous estimate announced in June 2023. According to analysts, the following 2025 year does not offer a rosy picture with European economic growth not exceeding 1.6% (a 0.7 percentage point reduction from the current forecast). In 2023, the World Bank assessed the EU economy’s growth at only 0.4%. According to fresh reports from the international organization, the global GDP will increase by 2.4% in 2024. Meanwhile, this indicator remains unchanged compared to the previous estimate published in June 2023. However, the World Bank expects the pace of global economic growth to be at 2.7% in 2025, 0.3% lower than the current level. "The global economy is set to rack up a sorry record by the end of 2024 – the slowest half-decade of GDP growth in 30 years," the report reads. Earlier, the World Bank improved its forecast for Russia's GDP growth in 2023, increasing it to 2.6% from the previous 1.6%. Potential changes in the indicator are attributed to significant budgetary support. At the same time, the slowing down of further GDP growth in Russia is explained by a lack of workforce and overall capacity constraints.
FX.co ★ World Bank lowers EU GDP growth forecast
World Bank lowers EU GDP growth forecast
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