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Overview

The world has entered a new era of rapid global change driven by major shifts in demographics, wealth, technology, and climate.

But economic growth has been uneven, has come at the expense of the environment, and has already slowed due to climate damages. Global challenges — including fiscal strains on governments exacerbated by the COVID-19 pandemic, conflicts, environmental degradation, resource depletion, and record levels of displacement — are threatening recent gains. These challenges are compounded by intensifying systemic risks, including trade tensions, rising debt levels, and increasing inequality.

To accelerate sustainable economic growth and inclusion, developing countries must tackle a variety of challenges. These include low levels of productivity and international competitiveness, inefficient public spending, inadequate domestic resource mobilization, price distortions from fiscal systems that discourage sustainability, lack of economic resilience, increasing debt levels, and the rising danger of climate change.

Last Updated: Apr 01, 2024

people live in cities in emerging economies today, on pace to be 4 billion by 2030

MULTIMEDIA

Ayhan Kose, the World Bank’s Deputy Chief Economist, joins Expert Answers to discuss.
VIDEO

Global Economy Set for Weakest Half-Decade Performance in 30 Years | World Bank Expert Answers

As the world nears the midpoint of what should’ve been a transformative decade for development, the global economy is set for the weakest half-decade performance in 30 years, according to the latest edition of the World Bank’s Global Economic Prospects report. By one measure, the global economy is in a better place than it was a year ago, but mounting geopolitical tensions could create fresh near-term hazards for the world economy.

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Washington D.C.
Inaê Riveras
Washington D.C.
Giannina Raffo