Global economy will slow for a third straight year in 2024, World Bank predicts

A containers vessel sails by tourists in Xiamen in southeast China as the World Bank said slumping growth in the country is likely to hurt developing countries that supply it with commodities (Andy Wong/AP)

Hobbled by high interest rates, persistent inflation, slumping trade and a diminished China, the global economy will slow for a third consecutive year in 2024, the World Bank is predicting.

On Tuesday it said the world economy will expand just 2.4% this year. That would be down from 2.6% growth in 2023, 3% in 2022 and a galloping 6.2% in 2021, which reflected the robust recovery from the pandemic recession of 2020.