Markets may be entering a 'lost decade' for global economic growth amid financial instability and high inflation, World Bank says
The next 10 years could bring the slowest rate of growth for the global economy in decades as financial instability and high inflation weigh on productivity, according to the World Bank., World Bank economists estimated that the global economy's potential growth rate could average 2.2% for the rest of the decade.
Ongoing inflation pressures, financial uncertainty, and unfavorable demographics will all drag on growth, the economists wrote, adding that an aging population will weaken the labor force in advanced economies, and that international trade has also turned sluggish. The usual forces that drive economic trends are now retreating, which in turn impacts government policies, spending, and interest rates. A worsening bank crisis may also exacerbate growth constraints, the group said.
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