The prospects of a prolonged period of higher borrowing costs and tighter credit conditions present strong headwinds for a world economy that is saddled with high levels of debt but also in need of increased investment, the United Nations’ newly released World Economic Situation and Prospects report warned, adding that many developing countries, especially vulnerable and low-income ones, still have weak growth prospects.
In its recent Global Economic Prospects report, the World Bank forecast that global economic growth would slow for a third straight year to a “sorry record by the end of 2024,” hampered by tight monetary policies, geopolitical tensions and feeble global trade and investment.
According to the World Economic Outlook report
