The long-term growth of the world economy should average 2.2% in the decade ending in 2030, according to a report published Monday by the World Bank (WB).
This data would make the third decade of the century the one with the weakest growth in the period.
The situation concerns the rich countries and the developing and emerging nations, beginning with China, the WB points out.
"China has long played a role as the locomotive of global growth, but that is changing as its expansion moderates over time. The question is who will replace China in this role, and we think it will not be a single country but a group of countries."estimated the bank’s chief economist, Indermit Gill, during a telephone press conference.
China’s growth, projected at 5% in 2023, will be what will prevent the world from entering a recession. But its ability to drive global growth will diminish as its growth slows in the coming years, the report emphasizes.
For this year, the bank forecasts global GDP growth of 1.7%.
"What we need to do is understand how each country can do better"Gill argued.
The World Bank points to a confluence of factors to explain the slowdown in the rate of economic growth, among which it mentions the impact of the covid-19 pandemic, the war in Ukraine and the current turmoil in the financial sector in the United States and Europe.
The bank adds that the potential growth of the world economy could improve by 0.7 percentage points if a series of reforms are carried out that consist of increasing investment -which has fallen since the pandemic-, improving women’s access to the labor market, and improve the conditions of trade.
