The World Bank sharply cut its global economic growth projections Tuesday, citing disruption from trade uncertainty in particular.
It now expects the global economy to expand by 2.3% in 2025, down from an earlier forecast of 2.7%.
“This would mark the slowest rate of global growth since 2008, aside from outright global recessions,” the Bank said in its Global Economic Prospects report.
Trade uncertainty, especially, has weighed on the outlook, the World Bank suggested.
“International discord — about trade, in particular — has upended many of the policy certainties that helped shrink extreme poverty and expand prosperity after the end of World War II,” Indermit Gill, senior vice president and chief economist of The World Bank Group, said in the report.
