World Bank gives pessimistic economic forecast for 2020s

The World Bank is predicting a bleak economic future for the 2020s.

A new report published Tuesday predicts the world economy will continue to underperform for the rest of the decade without some unforeseen change.

“Without a major course correction, the 2020s will go down as a decade of wasted opportunity,” Indermit Gill, the World Bank Group’s chief economist and senior vice president, said in a press release. “Near-term growth will remain weak, leaving many developing countries—especially the poorest—stuck in a trap: with paralyzing levels of debt and tenuous access to food for nearly one out of every three people. That would obstruct progress on many global priorities.”

The report illustrates the long-term consequences of the COVID-19 pandemic, the war in Ukraine, and the Israel-Hamas war, the effects of which will likely be felt for the rest of the decade. These unforeseen complications squandered what was expected
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