01-10-2024, 11:40 AM
Quote:The World Bank delivered sobering news this week in its latest “Global Economic Prospects” report, forecasting that global growth will continue to decline for the third straight year in 2024. At just 2.4%, worldwide expansion will mark the weakest five-year period since the early 1990s. While the US economy has so far avoided recession despite high inflation and interest rate hikes, this prolonged global slowdown spells troubling times ahead for American companies, consumers and investors. With economic growth slowing across most regions, demand for US exports is likely to take a hit. That’s especially true among major US trading partners like Europe and China, where growth is expected to continue decelerating. Weakening global demand could mean reduced overseas profits for US corporations.Channelchek