The World Bank raises its forecast for global trade growth to 2.5% in 2024

The World Bank improved its forecast for global economic growth for the current year by 0.2% compared to last January’s estimate to 2.6%. Expectations for the year 2025 have not changed, as the bank still expects the global economy to grow by 2.7%, and in 2026 it expects the same pace of 2.7%.

The World Bank also raised its expectations for global trade growth in the year 2024 to 2.5%, and in the next year 2025 to 3.4%.

According to a report published by the World Bank, the growth in global trade in goods and services at the end of this year will reach 2.5%, an increase of 0.2% over expectations published last January.

Russian economy:

The World Bank significantly improved its forecast for the growth of the Russian economy for the current year from 1.3% to 2.9%, and also raised its estimate for GDP growth in the next year 2025 from 0.9% to 1.4%.

International institutions, including the World Bank, are improving their expectations for the performance of the Russian economy after they had expected its collapse due to the unprecedented restrictions and sanctions imposed by the West.

United State:

The World Bank also raised its growth forecast for the US economy for the current year 2024 to 2.5%, and for the next year 2025 to 1.8%, according to the report published by the international organization on Tuesday.

The report indicated that the significant slowdown next year will be the result of the cumulative effects of tight monetary policy, as well as budget cuts.

The World Bank also expects US GDP growth to reach 1.8% in 2026.

Eurozone economy:

The World Bank kept its euro zone economic growth forecast for 2024 at 0.7%, but reduced it for next year 2025 to 1.4%.

The World Bank said that the “emerging improvement” in the euro zone economy is weakened by the fact that the performance of the industrial sector, including the German one, is weaker than previously.

China:

The World Bank raised its forecast for China’s economic growth for 2024 to 4.8%, but lowered it for 2025 to 4.1%. The international organization indicated that improved expectations for the current year are linked to higher levels of commercial activity, especially exports.