The World Bank warned on Monday that unless policymakers take ambitious measures to boost labour supply, productivity and investment, the global economy's average potential annual growth rate will fall to 2.2% by 2030, a 30-year low and the world economy will usher in a "lost decade".
Failure to reverse a broad-based slowdown in underlying gross domestic product (GDP) growth would have profound implications for the world's ability to tackle climate change and reduce poverty, the World Bank said in a new report.
The World Bank expects the average potential growth rate of global GDP to fall to 2.2% in 2022-2030, down from 2.6% in 2011-2021 and almost a third lower than the 3.5% in 2000-2010.