{"id":46804,"date":"2025-06-10T19:42:54","date_gmt":"2025-06-10T19:42:54","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/world-bank-cuts-global-economic-growth-forecast"},"modified":"2025-06-10T20:06:45","modified_gmt":"2025-06-10T20:06:45","slug":"world-bank-cuts-global-economic-growth-forecast","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/world-bank-cuts-global-economic-growth-forecast","title":{"rendered":"World Bank Cuts Global Economic Growth Forecast"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Eritrea. <\/strong><\/span>The World Bank on Tuesday slashed its economic growth estimates for 2025 by 0.4 percentage points to 2.3%, citing \u201ca substantial rise in trade barriers.&#8221;<\/p>\n<p>The revised figure would mark the slowest growth rate since 2008.<\/p>\n<p>&#8220;Global growth is slowing due to a substantial rise in trade barriers and the pervasive effects of an uncertain global policy environment,&#8221; the bank said in its Global Economic Prospects report.<\/p>\n<p>The bank said that the increase in tariffs and the ensuing uncertainty are contributing to a broad-based growth slowdown and deteriorating prospects in most of the world\u2019s economies.<\/p>\n<p>The US economy&#8217;s growth forecast, which was 2.3% in the World Bank&#8217;s January report, was cut to 1.4% for 2025.<\/p>\n<p>Meanwhile, the eurozone&#8217;s growth estimate was also lowered 0.3 percentage points to 0.7% for 2025, to 0.8% for next year, and to 1% for 2027.<\/p>\n<p>On the other hand, the estimates for Chinese economic growth were kept stable at 4.5% for this year and 4% for 2026.<\/p>\n<p>The bank estimated the Turkish economy will grow 3.1% in 2025, 0.5 percentage points higher than its previous forecast, while Turkey&#8217;s gross domestic product (GDP) is expected to expand by 3.6% next year and 4.2% in 2027.<\/p>\n<p>Indermit Gill, senior vice president and chief economist at The World Bank Group, said that the chance of a &#8220;soft landing&#8221; in the global economy has passed as the world economy today is once more running into turbulence.<\/p>\n<p>&#8220;International discord \u2013 about trade, in particular \u2013 has upended many of the policy certainties that helped shrink extreme poverty and expand prosperity after the end of World War II,&#8221; Gill said.<\/p>\n<p>&#8220;The global economy today is at an inflection point. The forces that once drove economic convergence and lifted billions out of poverty are now in retreat,&#8221; he added.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Eritrea<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Eritrea. The World Bank on Tuesday slashed its economic growth estimates for 2025 by 0.4 percentage points to 2.3%, citing \u201ca substantial rise in trade barriers.&#8221; The revised figure would mark the slowest growth rate since 2008. &#8220;Global growth is slowing due to a substantial rise in trade barriers and the pervasive effects [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":46803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[171,2646,233,7008,6379,6853,910,1096],"class_list":{"0":"post-46804","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-all-news","8":"category-economy","9":"tag-china","11":"tag-eritrea","13":"tag-tariffs","14":"tag-trade-tensions","15":"tag-usa","16":"tag-world-bank"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>World Bank Cuts Global Economic Growth Forecast - 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