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A Disturbing Report on the Global Economy: The World Bank and the Lost Decade

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The World Bank has warned that outpacing global economic growth will decline by 2030 to its lowest level in 30 years, leaving a “missing link” in productive development.

The World Bank said in a report released today Monday that “failure to reverse the expected significant slowdown in potential GDP growth will have major implications for the world’s ability to combat climate change and reduce poverty.”

He added that “all the economic forces that have driven progress and prosperity over the past three decades are starting to lose momentum,” noting that between 2022 and 2030, potential average global GDP growth is expected to decline by about a third compared to the rate that prevailed in the decade. The first in this century is 2.2% annually.

In emerging economies, the decline will be just as sharp, from 6% per year between 2000 and 2010 to 4% per year before the end of this decade.

World Bank Chief Economist Indomi Gil stressed that “the global economy could face a lost decade” and pointed to the need for ambitious initiatives by policy makers to increase labor supply, productivity and investment to support the global economy.

Source: TASS

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