The “speed limit” of world economic growth by 2030 will fall to a minimum in the last three decades. This was stated in their report by the analysts of the World Bank.
According to the World Bank, almost all economic agents that have provided “progress and prosperity” over the past 30 years are gradually fading away. The World Bank expects that between 2022 and 2030, the average global potential GDP growth will decline to approximately 2.2% – that is, by about a third in comparison with the rates recorded in the first decade of the 21st century.
According to analysts, for the global economy, a “lost decade” could come. WB Chief Economist Indermit Gill noted that the continued decline in potential growth has serious implications for the overall ability to address an expanding range of problems.
However, the situation is reversible, he said. Growth themes can be increased with the help of “policies that stimulate employment, accelerate investment.” The adoption by countries of the provisions of sustainable growth policies, Gill stressed, could disperse potential GDP growth to an annual average of 2.9%.
Source: Rosbalt
Mario Twitchell is an accomplished author and journalist, known for his insightful and thought-provoking writing on a wide range of topics including general and opinion. He currently works as a writer at 247 news agency, where he has established himself as a respected voice in the industry.
