World economy grows, but not quickly enough to ease global poverty levels

Indermit Gill, chief economist of the World Bank. Photo: Hollie Adams/Bloomberg

The global economy is growing steadily in the face of war, protectionist trade policies and high interest rates. It just isn’t growing fast enough to bring relief to the world’s poorest, the World Bank said on Thursday in its latest assessment.

The bank expects the world economy to expand 2.7pc in 2025 and again in 2026. It is a remarkably consistent performance – matching 2023 and 2024 – but also a lacklustre one. Growth is running 0.4 percentage points below the 2010-2019 average. The slump reflects lingering damage from the “adverse shocks of recent years”, including Covid-19 and Russia’s invasion of Ukraine.

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}