The World Bank has slashed its 2024 economic growth forecast for the United States by half, predicting that the resilient U.S. consumer is about to weaken “substantially” while warning of “new hazards” that threaten to “make matters worse” for the world.
The group’s latest Global Economic Prospects report paints a gloomy picture of economic growth going forward.
“The global economy remains in a precarious state amid the protracted effects of the overlapping negative shocks of the pandemic, the Russian Federation’s invasion of Ukraine, and the sharp tightening of monetary policy to contain high inflation,” Indermit Gill, the World Bank’s chief economist, wrote in the executive summary of the group’s latest Global Economic Prospects report….