Indermeet Gill, chief economist at the World Bank, said 2024 would be the lowest point in global growth since the financial crisis. Photo: Holly Adams/Bloomberg
Investment growth, meanwhile, will be half as fast as it was in the previous two decades, suggesting that growth will remain low until the end of the 2020s.
Worldwide The bank forecasts that global inflation will rise and fall to 3.7% in 2024, down from 5.3% last year. However, he warned that wage growth would keep inflation above the 2% target used by most major investment banks.
Deputy chief economist Ayhan Kose said: “Significant progress has been made in reducing inflation around the world. We should celebrate.
“However, I suggest not opening the champagne just yet. Inflation is forecast to remain above target in most advanced and emerging economies until 2024.”
Mr Kose warned that high interest rates would be a feature “for the foreseeable future” while central Banks will not feel fully confident that they can provide sustainably low inflation.
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