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World Bank Cuts Global Econ Growth Forecast to 2.5% This Year, China Growth Seen Slowing to 4.2%
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The World Bank has lowered its global economic growth forecast for this year by 0.1 ppts to 2.5%, reflecting the impact of the war in the Middle East. However, if energy supply disruptions become more severe and exert significant pressure on financial markets, economic growth could slow to as low as 1.3%. Due to the impact of the war, the World Bank cut growth forecasts for two-thirds of countries, with the United Arab Emirates, Iraq and several other Middle Eastern countries being the most affected. Under its baseline scenario, the World Bank expects Brent oil prices to average USD94 per barrel this year, up 36% YoY. If the most severe energy supply disruptions are resolved by end-July, global headline inflation is projected at 4%. However, if disruptions last longer and oil prices average USD115 per barrel this year, economic growth could slow to 2.1% and inflation would rise to 4.4%. The World Bank expects China’s economic growth to slow to 4.2% this year (down 0.2 ppts), while US growth is maintained at 2.2%. Growth forecasts for the euro area and Japan are 0.8% and 0.7%, respectively, both trimmed by 0.1 ppts. (mn/u) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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