The World Bank cuts its global growth forecast for 2024

The World Bank said global GDP is set to rise 2.1% this year, above January's forecast of 1.7%, while lowering its forecast for global growth for 2024 to 2.4% from 2.7% projected in January.

The bank stated that inflation is expected to decrease gradually with slowing growth, declining demand for labor in many economies, and stabilizing commodity prices, but added that core inflation is expected to remain above central bank targets in many countries throughout 2024.

Growth in the US for 2023 is now expected to come in at 1.1%, more than double the forecast of 0.5% in January, while China's growth is expected to pick up to 5.6% from the forecast of 4.3% in January.