World Bank President: "Low Growth Period May Continue Until 2024"

[Asia Economy Reporter Lee Jung-yoon] The President of the World Bank (WB) has predicted that this year's global economic slowdown could continue into next year, Bloomberg reported on the 22nd (local time).

David Malpass, President of the World Bank, stated, "There is concern that the world's low-growth period may persist until 2024."

He explained that ongoing inflation and a lack of new investments are obstacles to economic growth, adding, "Looking at the next one to two years, it is difficult to expect a significant economic recovery." The World Bank projected the global economic growth rate for this year at 1.7% in its World Economic Outlook released on the 10th. This figure is 1.3 percentage points lower than the 3.0% forecasted in the June report last year.

President Malpass urged governments to impose limits when providing subsidies to cope with the surge in energy prices. He explained, "Subsidies should not be given to everyone continuously for the time being, but rather provided for six months to those groups who are currently suffering from rising prices."