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Global Economic Prospects Report 2024 Key Highlights


  • The World Bank’s Global Economic Prospects report projects global growth to hold steady at 2.6% in 2024, with a slight increase to an average of 2.7% in 2025-26.
  • This growth rate remains below the pre-COVID-19 decade’s average of 3.1%.

Key Highlights of Global Economic Prospects Report

Regional Growth Trends in South Asia

  • Growth in the South Asia region is expected to decrease from 6.6% in 2023 to 6.2% in 2024, primarily due to a moderation of India’s growth from recent high levels.
  • Despite this slowdown, regional growth is forecast to maintain a rate of 6.2% in 2025-26.
  • Other economies in the region, like Bangladesh, Pakistan, and Sri Lanka, are expected to experience robust growth, though slower in Bangladesh compared to previous years.

India’s Growth Trend

  • India is projected to remain the fastest-growing major economy with an expected steady growth rate of 6.7% over the next three years, including the current financial year.
  • For fiscal year 2023/24, India’s growth is estimated at 8.2%, which is an increase of 1.9 percentage points from previous estimates made in January.

Investment and Consumption in India

  • India’s investment growth is anticipated to slow down from its previous high levels but remain robust, bolstered by strong public and private investment.
  • Private consumption in India is likely to benefit from a recovery in agricultural production and decreasing inflation rates.
  • Government consumption in India is expected to grow slowly, aligning with efforts to reduce current expenditures relative to GDP

Global and Regional Inflation Trends

  • Global inflation is projected to moderate to 3.5% in 2024 and further to 2.9% in 2025, although this decline is slower than previously expected.
  • Central banks globally are likely to remain cautious about reducing policy interest rates, with global interest rates expected to average about 4% over 2025-26.
  • In India, inflation has been within the Reserve Bank’s target range of 2 to 6% since September 2023.
  • In other parts of the region, despite being below peak levels, inflation remains high due to persistent food price inflation and increased energy costs.
About the World Bank
  • Founded in:  1944 at the Bretton Woods Conference.
  • Headquarters: Washington, D.C., United States.
  • Membership: 189 member countries.


  • Provides financial assistance: Offers loans, grants, and credits to governments for various projects.
  • Technical assistance: Shares expertise and knowledge to support development projects.
  • Research and analysis: Conducts research on global economic issues and provides policy advice.
  • Promotes global partnerships: Collaborates with governments, international organisations, and civil society to achieve development goals.


  • Abolish extreme poverty and hunger
  • Ensure universal primary education
  • Encourage gender equality
  • Reducing the mortality of children
  • Ensure better maternal health
  • Fight HIV/AIDS, malaria, and other diseases
  • Promote environmental sustainability
  • Establish a Global Partnership for Development


  • International Bank for Reconstruction and Development (IBRD): Provides loans and financial products to middle-income and creditworthy low-income countries.
  • International Development Association (IDA): Provides grants and low- to zero-interest loans to the poorest countries.
  • International Finance Corporation (IFC): Focuses on private sector development.
  • Multilateral Investment Guarantee Agency (MIGA): Provides political risk insurance to investors.
  • International Centre for Settlement of Investment Disputes (ICSID): Provides arbitration and conciliation services for investment disputes.

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