The latest World Bank’s 2025 Year in Review report shows that developing economies for the third time in a row paid more in debt service than they received in new financing, hitting a 50-year high in debt outflows during 2022-2024.
According to the bank, despite these challenges, the global economy performed
better than many had expected, particularly in developing countries.
The bank said global growth surpassed forecasts amid global trade wars and tariffs.
“Forecasters now anticipate growth of about 2.7 % for this year, generally in line with expectations at the start of 2025. This resilience was fueled by rapid adaptation, including the shifting of supply chains, fast adoption of digital technologies like artificial intelligence (AI), and diversified markets,” it stated.
World Bank revises Ghana’s 2025 growth forecast upwards
The World Bank also expressed concern about the greatest demographic shifts.
Over the next decade, it pointed out that 1.2 billion young people in developing countries will reach working age, shaping the next century.
“Ensuring there are enough jobs for them is critical: this demographic dividend could catalyze the global economy. But a lack of opportunities could fuel instability, unrest, and mass migration, with implications for every region and economy,” it indicated.
SP/EB
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Source:
www.ghanaweb.com
