World Bank Says Global Economy Faces Lost Decade For Whole World By 2030 | World Bank On Global Economy: World Bank said

World Bank on Global Economy: Expressing concern about the global economic situation, the World Bank said that all the economic progress made by the global economy in the last decade seems to be vanishing. The World Bank said in its report that the speed limit of the global economy is on the verge of falling to a three-decade low by 2030. And if there is a global financial crisis or recession, there can be a further decline in the economic growth rate.

The World Bank has released a report titled ‘Falling Long-Term Growth Prospects Trends, Expectations and Policies’ in which these things have been written. The World Bank said that whatever the global economy has achieved in the last decade, it is on the verge of losing everything and the last decade is going to prove to be the lost decade. It has been said in the report that by 2030, the speed limit of the world’s economic growth rate may fall to the lowest level in three decades.

It has been said in the report that even before the arrival of Kovid, there were signs of global slowdown in terms of productivity in the last decade. Due to this, concerns about economic development in the long term started increasing. The report noted that investment growth has weakened, the global labor force is growing sluggishly, human resource capital has been disrupted due to the coronavirus pandemic, and international trade growth is barely matching GDP growth.

It has been said in the report that the result is that the past decade may prove to be a lost decade not only for some countries or regions but for the whole world. The World Bank said that without any comprehensive policy, the global average GDP growth rate could fall below the 2.2 percent annual growth level between now and 2030, which is the lowest in three decades. The global economic growth rate in 2011-21 was 2.6 percent. Whereas from 2001 to 2011, the global GDP growth rate was 3.5 percent.

It has been said in the report that the decline in economic growth is going to have the worst effect on the developing countries. The growth rate of these countries can be close to 4 percent, which was 6 percent between 2000 and 2010. It has been said in the report that if there is a global financial crisis or recession, there can be a further decline in the economic growth rate.

According to the outgoing President of the World Bank, David Malpass, reviving growth in the world will require an extraordinary mix of policies and international cooperation. David Malpass is going to step down from the post of President of the World Bank on June 30 and Ajay Banga of Indian origin will replace him.

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