Global Economic Prospects Report 2024:
According to the recently released Global Economic Prospects Report by the World Bank, India is predicted to remain the fastest-growing major economy globally, with a projected GDP growth rate of 6.6% for FY25.
Key Findings of the Report:
- According to the report, for the first time in three years, the global economy is showing signs of stabilisation in 2024.
- GDP growth is now anticipated to be 2.6 % for 2024-25. For FY26 and FY27, global growth is expected to be 2.7% amid modest growth in trade and investment.
- The World Bank forecasts a slower moderation of global inflation, averaging 3.5% this year.
- Central banks in advanced and emerging market economies are expected to be cautious about easing monetary policy due to ongoing inflationary pressures.
- The global outlook remains subdued due to factors such as geopolitical tensions, trade fragmentation, higher interest rates, and climate-related disasters, despite some near-term improvements.
- It also emphasises the need for global cooperation to safeguard trade, support green and digital transitions, provide debt relief, and enhance food security.
