The global economy is set to slow for a third successive year in 2024 and is now on course for its weakest half-decade of growth since the early 1990s, the World Bank has warned.
The Washington-based organisation said poor countries were being especially hard hit by a series of setbacks since the arrival of the Covid pandemic and there was a risk that the 2020s would be a “wasted” decade.
The Bank’s half-yearly global economic prospects (GEP) – which concentrates primarily on the performance of developing and low-income countries – found an uneven picture in the recovery period since much of the world was shut down in 2020.
It’s always those who have been most extracted from who end up bearing the brunt of the failings of the “economy”. We need to start having constructive conversations about alternative models of social organisation – socialism’s time in the sun? Anyone?