The World Bank upgraded its outlook for the global economy to 2.6% this year, up from the predicted 2.4% in January, driven by strong growth in the United States.
The U.S. growth accounted for 80% of the World Bank's upgraded outlook. The agency expects the U.S. economy to expand 2.5% in 2024, up from the 1.6% predicted earlier.
Global growth is slow, with poorest countries facing heavy debts and high interest rates. Increased trade barriers and conflicts like in Ukraine and Gaza add pressure on economies.
Despite a first-quarter slowdown in the U.S. economy, the outlook considers it temporary. Consumer spending and business investments remain solid, supporting the economy.
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