Global economic growth is at its lowest level in the last 40 years, says WB

The president of the World Bank (WB), Ajay Banga, assured today that global economic growth is currently at the lowest level in the last 35 or 40 years due to the wars of Loop and Ukraine, in addition to tensions in the Red Sea.

Within the framework of the World Government Summit (WGS), a forum of global political and economic authorities that began this Monday in Dubai, Banga explained that economic growth worldwide is impacted by the wars in the Gaza Strip, Ukraine, in addition to the conflict in the Red Sea.

“All the challenges of instability due to what is happening in the region, clearly with the events in Gaza, but also in Ukraine, these two factors together, in addition to the Red Sea“are variables of what already turns out to be”probably the lowest growth in the last 35 or 40 years in the world“, he detailed Banga.

“These are factors that we will be monitoring closely.“, the president of the World Bank stated in an interview during the first day of the global summit.

In this sense, he pointed out that “Without real economic growth, prosperity and peace cannot be achieved.”.

During this week, in the new edition of the W.G.S.political and economic leaders, including around twenty heads of State and Government, will address a broad agenda of topics related to the challenges of the future in various sectors.

According to the organizers, more than 85 international and regional organizations and institutions are also participating, as well as political experts and economic and financial specialists, as well as specialists, representatives of multinational companies and governors of banks and financial institutions.

According to the agenda, the participants include, in addition to Banga, the managing director of the International Monetary Fund (IMF), Kristalina Georgieva; the secretary general of the Organization of Petroleum Exporting Countries (OPEC), Haitham al Ghais, and the secretary general of the Civil Aviation Organization, Juan Salazar, among others.

The Prime Minister of Egypt, Mustafa Madbuli, intervened on the same platform, and other political figures are scheduled to intervene, such as the Turkish President, Recep Tayyip Erdogan, or the Prime Minister of Iraq, Mohamed Shia al Sudani, to explain the plans for their countries to face economic and political challenges.