The global economy faces the prospect of a “lost decade” on account of nearly all drivers of economic progress in recent history fading, the World Bank has said.
In a report titled ‘Falling Long-Term Growth Prospects: Trends, Expectations, and Policies,’ released on March 27, the World Bank’s staff warned that the global economy ‘speed limit’ is on track to crash a three-decade low by 2030.
The Organisation for Economic Development and Cooperation (OEDC) has explained that persistent inflationary pressures in services and cost pressures from tight labor markets would require many central banks in the world to maintain high policy rates until well into 2024.
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