The global economic growth in the first half of this decade may turn out to be the lowest over the last thirty years, the World Bank says in its Global Economic Prospects report released in January, Paralel.Az reports.

"As the world nears the midpoint of what was intended to be a transformative decade for development, the global economy is set to rack up a sorry record by the end of 2024 —the slowest half-decade of GDP growth in 30 years," the World Bank said.

"By one measure, the global economy is in a better place than it was a year ago: the risk of a global recession has receded, largely because of the strength of the US economy. But mounting geopolitical tensions could create fresh near-term hazards for the world economy," World Bank experts noted.

"The medium-term outlook has darkened for many developing economies amid slowing growth in most major economies, sluggish global trade, and the tightest financial conditions in decades. Global trade growth in 2024 is expected to be only half the average in the decade before the pandemic . Meanwhile, borrowing costs for developing economies—especially those with poor credit ratings—are likely to remain steep with global interest rates stuck at four-decade highs in inflation-adjusted terms," the World Bank noted.

According to its forecasts, "Global growth is projected to slow for the third year in a row—from 2.6% last year to 2.4% in 2024, almost three-quarters of a percentage point below the average of the 2010s."

Developing economies "are projected to grow just 3.9%, more than one percentage point below the average of the previous decade," the institution added.