World Bank boosts forecast: Strength of US economy will support global growth of 2.6% this year

By PAUL WISEMAN
AP Economics Writer

WASHINGTON (AP) — The World Bank has upgraded its outlook for the global economy, estimating that it will expand 2.6% this year on the strength of sustained growth in the United States. The bank’s latest outlook marks an increase from the 2.4% growth for 2024 it had predicted in January. And it would match the global economy’s 2.6% expansion in 2023. But the agency cautioned that global growth remains sluggish by past standards, that the poorest countries are struggling under the weight of heavy debts and high interest rates and that increased trade barriers endanger prosperity worldwide. The brutal wars in Ukraine and Gaza are inflicting further pressures on regional economies.