Translation. Region: Russian Federal
Source: People’s Republic of China in Russian – People’s Republic of China in Russian –
Source: People’s Republic of China – State Council News
NEW YORK, June 10 (Xinhua) — The World Bank on Tuesday cut its global economic growth forecast, citing rising trade tensions and political uncertainty.
The economic turmoil has led to lower growth forecasts for nearly 70 percent of economies across all regions and income groups, according to the bank’s latest semi-annual Global Economic Prospects report, released on Tuesday.
The report cut its global economic growth forecast for 2025 to 2.3 percent from 2.7 percent projected in January, and its growth forecast for 2026 to 2.4 percent from 2.7 percent.
Advanced economies are expected to grow by 1.2 percent in 2025, down from the previously forecast 1.7 percent, while emerging market and developing economies have seen their growth forecast cut by 0.3 percentage points to 3.8 percent.
In particular, in 2025, US GDP is expected to grow by 1.4 percent, which is 0.9 percentage points less than the previous forecast and only half of the 2.8 percent growth recorded in 2024.
Growth in the eurozone and Japan is expected to be 0.7 percent this year, down 0.3 and 0.5 percentage points respectively from previous estimates, while China’s growth forecasts for 2025 and 2026 remain unchanged.
The report notes that the global economy is once again facing turbulence, although just six months ago it seemed that it was entering a “soft landing” trajectory.
“Without a rapid course correction, the damage to living standards could be profound,” the report’s authors warn.
“Outside Asia, the developing world is becoming a development-free zone,” said Indermit Gill, chief economist and senior vice president for development economics at the World Bank Group. –0–