US Economic Growth to Power Global Growth in 2024: World Bank

The World Bank is expecting the United States to be a key driver of global economic growth this year, upgrading its GDP forecast for the country by 0.9 percentage points. “Global growth is envisaged to reach a slightly faster pace this year than previously expected, due mainly to the continued solid expansion of the U.S. economy,” a June 11 report from the bank said. The institution upgraded expected global growth for 2024 by 0.2 percentage points, to 2.6 percent. Growth was revised for the United States up by 0.9 percentage points, to 2.5 percent, the highest among all advanced economies, including Europe and Japan. In 2023, growth in the United States strengthened to 2.5 percent, which the World Bank attributes primarily to “robust consumption, government spending, and significantly reduced imports of goods and services.” This year, “weak activity in the euro area and Japan, in large part as a result of continued feeble domestic demand, will be accompanied by resilient growth in the United States.”...