World Bank’s Global Economic Prospects (GEP) January 2025 Edition
 
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World Bank’s Global Economic Prospects (GEP) January 2025 Edition

Sun 19 Jan, 2025

Context

  • The January 2025 edition of the World Bank’s Global Economic Prospects (GEP) report projects India's economy to grow at a rate of 6.7% in both FY26 and FY27.

GEP

  • The Global Economic Prospects (GEP) report is a flagship publication of the World Bank Group that examines trends and projections in the global economy.

Key Findings in January 2025 Report

  • Global economic growth is projected to hold steady at 2.7% in 2025-26.
  • India, China, and Brazil, the three largest EMDEs, have collectively driven approximately 60% of annual global growth since the start of the century.
  • Emerging Market and Developing Economies (EMDEs) now contribute about 45% of global GDP, compared to 25% at the start of the century.
  • India is set to remain the fastest growing major economy with a 6.7% growth rate in FY26 and FY27.
  • Growth in developing economies is also expected to hold steady at about 4% over the next two years.
  • Developing economies are projected to finish the first quarter of the 21st century with the weakest long-term growth outlook since 2000.

Global Growth

  • Global growth is projected to drop from 2.6% in 2023 to 2.4% in 2024.
  • Developing economies are projected to grow just 3.9%.
  • Low-income countries are projected to grow by 5.5%.

Regional Outlooks

  • East Asia and Pacific: Growth is expected to decelerate to 4.6% in 2025 and to 4.1% in 2026.
  • Europe and Central Asia: Growth is expected to moderate to 2.5% in 2025 before firming to 2.7% in 2026.
  • Latin America and the Caribbean: Growth is projected to edge up to 2.5% in 2025 and to 2.6% in 2026.
  • Middle East and North Africa: Growth is expected to pick up to 3.4% in 2025 and 4.1% in 2026.
  • South Asia: Growth is projected to rise to 6.2% in 2025 and remain at that rate in 2026.
  • Sub-Saharan Africa: Growth is expected to firm to 4.1% in 2025 and 4.3% in 2026.

World Bank

  • July 1944, Bretton Woods Conference: Formation of International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD).
  • The IBRD later became the World Bank.
  • United Nations' specialized agencies.
  • Members: 189 member countries.
  • India is also a member country.

Major Reports of World Bank:

  • Global Economic Prospects
  • Global Financial Development Report
  • Poverty and Shared Prosperity
  • World Development Reports Remittance Report
  • Universal Health Coverage Index

Five Development Institutions of World Bank Group

  • International Bank for Reconstruction and Development (IBRD)
  • International Development Association (IDA)
  • International Finance Corporation (IFC)
  • Multilateral Guarantee Agency (MIGA)
  • International Centre for the Settlement of Investment Disputes (ICSID)

India is not a member of ICSID.

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