The World Bank has revised its global GDP growth forecast for 2023 down to 2.3%, attributing this decline to Donald Trump's trade war and high uncertainty around international trade policies. The report indicates that growth in developing economies has significantly slowed over the past three decades and warns that the 2020s may become the weakest decade for the global economy since the 1960s. Chief economist Indermit Gill emphasizes the need for reformed public finances and solutions to trade conflicts to rejuvenate economic advancement.
The World Bank's revised global GDP growth forecast underscores the detrimental impact of trade wars, particularly under Trump's leadership, potentially marking the weakest economic decade since the 1960s.
As world trade tensions rise, the World Bank warns that the 2020s could see global economic growth plummet to levels not seen since the post-2008 crisis.
Indermit Gill, chief economist at the World Bank, highlighted that decades of economic advances in developing nations are stalling, with a pressing need for fiscal reforms and renewed investment.
The report illustrates that the remarkable economic strides observed in the last 50 years are reversing, leaving many developing nations in a precarious situation filled with rising debt and stagnant growth.
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