Surprising U.S. economy is powering better global outlook, World Bank says

[mahatmakanejeeves]

Source: Washington Post

ECONOMY
Surprising U.S. economy is powering better global outlook, World Bank says
High interest rates and trade tensions pose risks to a newly upbeat forecast, though.

By David J. Lynch
June 11, 2024 at 9:30 a.m. EDT

The global economy is in better shape than it was at the start of the year, thanks largely to the performance of the United States, the World Bank said in its latest forecast Tuesday. But the sunnier outlook could cloud over if major central banks — including the Federal Reserve — keep interest rates at elevated levels.

Global growth is expected to reach an annual rate of 2.6 percent this year, up from a January forecast of 2.4 percent, the bank said. The global economy is drawing closer to a “soft landing” after recent price spikes, with average inflation dropping to a three-year low amid continuing growth, bank economists said.

While Americans’ unhappiness with high prices remains a key vulnerability for President Biden’s reelection bid, the World Bank now expects the U.S. economy to grow at an annual rate of 2.5 percent, nearly a full percentage point higher than it predicted in January. The United States is the only advanced economy growing significantly faster than the bank anticipated at the start of the year.

“Globally, overall things are better today than they were just four or five months ago,” said Indermit Gill, the World Bank’s chief economist. “A big part of this has to do with the resilience of the U.S. economy.”

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By David J. Lynch
David J. Lynch is a staff writer on the financial desk who joined The Washington Post in November 2017 after working for the Financial Times, Bloomberg News and USA Today. Twitter https://twitter.com/davidjlynch

Read more: https://www.washingtonpost.com/business/2024/06/11/world-bank-us-economy/

[SWBTATTReg]

1. tRUMP must be having a temper tantrum by now. Moron wanted all of us/and the US Economy to be hurting,

suffering so he could benefit in gaining the WH again.

He's realizing that that it's going to take an act of the powers that be, or that the Economy collapses or something like this to even come close to winning the WH again. I predict that he's going to get even more desperate over the next several months, start lashing out uncontrollably, and damage himself and his campaign even more than he has. His mind is going by the day too.