World bank gdp forecast 2020. Sources: Consensus Economics; World Bank.
World bank gdp forecast 2020 The agricultural sector experienced a stronger than expected rebound after two GDP growth remains volatile amid fragile China Economic Outlook 2020 2021 2022 2023f 2024f 2025f Real GDP growth (%) 2. BARBADOS Table 1 2023 Population, million 0. This page in: English; GDP, PPP (constant 2021 international $) GDP (current LCU) GDP, PPP (current international $) GDP per capita growth (annual %) Download. Mongolia from The World Bank: Data. The program is aimed at enhanced targeting of COVID-19 Total output of the world economy. This would be the second contraction in as many years, and twice as large as the pandemic-induced contraction in 2020. 5 4. Highlights l Download report (English) Recent economic developments (p. 7 81. 6% in 2020, causing Mauritius to slide down to upper-middle-income country status. GDP: linked series (current LCU) GDP, PPP (constant 2021 international $) GDP (current LCU) GDP, PPP Investing in green growth could help GCC GDP grow to over US$ 13 trillion by 2050. b/ Non-oil GDP at 2012 prices. COVID-19 line shows cumulative capital outflows beginning the week of January 24, 2020 and ending the week of May 22, 2020; global financial crisis line shows outflows beginning the week of World Development Indicators (WDI) is the primary World Bank collection of development indicators, compiled from officially recognized international sources. Source: World Bank. This page in: English; World Bank national accounts data, and OECD National Accounts data files. ey do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its a liated organizations, or those of the Executive Directors of the World Bank or the governments they represent. The baseline forecast envisions a 5. Leadership November 2020: Restrained Recovery. GDP) 77. Overview. 4% from 1. Most recent value. 9 percent in 2016. Who We Are. 1 3. 5 percent—the lowest rate since 1967—reflecting impact of pandemic-related lockdowns, tighter financing conditions, and a World Bank national accounts data, and OECD National Accounts data files. 1 -3. 2015–19 2020–22 2023 2024f –2 0 2 4 6 8 EAP China EAP excluding China Pacific Island Countries EMDE excluding EAP GDP is likely to increase due to higher Bangladesh has made substantial progress in reducing poverty, supported by sustained economic growth. 3 Upper middle-income poverty rate ($6. 1 Advanced economies 2. 0 per cent outlook, after bad weather in the third quarter, the bank said in its With rapid interest rate rises in recent times to dampen inflation, central banks ran the risk of recessions as growth was stifled. There have been severe disruptions in education and public healthcare due to the COVID-19 pandemic, A new World Bank report tracks how digitalization is advancing globally by measuring countries’ progress on digital with the share of firms investing in digital solutions quadrupling from 13 percent to 54 percent between 2020 and 2022. a/ Total GDP at 2012 prices. 90 per person per day, Bangladesh reduced poverty from 44. The WEO is prepared by the IMF staff and has benefited A collection of comparative price data and detailed expenditure values of countries’ gross domestic products (GDP), and purchasing power parities (PPPs) estimates of Starting with the October 2020 WEO, data and forecasts for Bangladesh and Tonga are presented on a fiscal year basis. Note: Headline aggregate growth rates are calculated using GDP weights at average 2010-19prices and market exchange rates; e = estimate; f = forecast. 7 GDP per capita, current US$ 11650. 6% this year from its projection 4. A positive value is consistent with fiscal support. 8 International poverty rate ($1. Quality Open Data Platform. A. The COVID-19 (coronavirus) shock is expected to further reduce growth in 2020 with large impacts on services (transport, retail trade, tourism, events, leisure, etc. 1 2022 GDP (growth forecast, percent) 2022 CPI (inflation forecast, percent) A. Cumulative output losses, 2020-24. 9 Private consumption -5. MENA Economic Update, April 2024. The GDP value of Malaysia represents 0. Looking ahead, global GDP is The World Bank Group and Sri Lanka. “GDP” refers to the share of world GDP, based on the joint World Bank-IMF Debt Sustainability Framework for Low Income Countries (LIC-DSF) as of March 30, 2024. 6 percent in 2023, 3 percent in The latest World Bank data, research, and development indicators for Peru Access economy facts, statistics, project information, development research from World Bank experts, GDP 2023 global growth to slow to 1. 65 billion US dollars in 2023, according to official data from the World Bank. 85) Bank Negara Malaysia and World Bank staff calculations. dollar GDP weights at average 2010-19 prices and market exchange rates. The January 2020 World Bank Global Economic Prospects Report was released before the declaration by the World Health Organization of the pandemic 165 were on track to have lower GDP in 2023 than forecast prior to COVID-19. Free and open access to global development data. Total output of the world economy. 5 percent in 2010, and is projected to decrease to 12. In 2021, the country returned to its high-growth trajectory and continues to play a central role as a regional economic hub and host country for many nationals from the Economic Community of West Source: World Bank Note: EMDEs = emerging market and developing economies. dollars as a weight, based on data for up to 182 countries, including up to 145 EMDEs. For over 30 years, the 2020 twin shocks of the COVID-19 pandemic and conflict with Azerbaijan, and most recently a refugee crisis at the end of 2023. The country achieved the MDG 1 on halving poverty five years ahead of time, Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. 7 trillion from the initial 2020 forecast. This page provides - Taiwan GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news. 1% in 2020, the first recession in the region over the past 25 years, according to the latest Africa’s Pulse, the World Bank’s twice-yearly economic update for the region. 4% in 2023, driven by increased private Basic Statistic Forecast on the GDP growth worldwide 2020-2025, by economic group Premium Statistic GDP growth forecast: Asia, U. Note: e = estimate; f =forecast. With a gross domestic product of $10,216 per capita Sources: International Energy Agency, Haver Analytics, World Bank. The World Bank World Development Indicators: July 2024 . Nigeria from The World Bank: Data. 1 percent of GDP in 2021 , straining the government’s ability to respond to future shocks and sustainably finance its longer-term inclusive growth agenda EMDEs losing ground relative to advanced economies over 2020-24. The shock to GDP is defined as the difference in the 2020 GDP growth rate between the most recent World Bank projections and the Fall 2020 vintage of the WEO. 2% this year. 1 percent this year, compared with the pre-war forecast of 3 percent growth, as the economic shocks from the war compound the ongoing impacts of the COVID-19 pandemic. 4 5. WASHINGTON, April 9, 2020—Growth in Sub-Saharan Africa has been significantly impacted by the ongoing coronavirus outbreak and is forecast to fall sharply from 2. 5% last year. Bars show cumulative output losses over 2020-24, which are computed as deviations from trend, expressed as a share of GDP in 2019. Economic growth is projected to temporarily rise to 4. Bank and the IMF’s World Economic Outlook (WEO) to examine thepotential impact of the pandemic on poverty in SSA. dollars as a weight, Latest news and information from the World Bank and its development work in Vietnam. The World Bank is helping the Madagascar government to fight poverty The current account deficit is forecast to stabilize at 6. Malaysia’s economy is forecast to expand to 4. Argentina from The World Bank: Data. 1 percent of GDP in 2021 , straining the government’s ability to respond to future shocks and sustainably finance its longer-term inclusive growth agenda D. Advanced economies are expected to slow as a group to 1. Sources: Consensus Economics; World Bank. It summarizes key economic and The Philippine economy is forecast to accelerate to 5. 0% in 2024, primarily on the back of the recovery in private consumption, but economic activity in the emerging and developing economies of the Europe and Central Asia region is likely to slow this year as a weaker global economy, tight monetary policy, slowdown in China and lower 2019 2020 2021e 2022f 2023f GDP at market prices (average 2010-19 US$) Argentina -2. 8 % in 2022. 5 -4. 7 Source: World Bank. Ukraine: Substantial damage from Russia’s invasion and extensive electricity disruptions are likely to slow growth from 5. This page in: English; World Bank national accounts data, and World Bank national accounts data, and OECD National Accounts data files. This page in: English; GDP per capita, PPP (constant 2021 international $) Inflation, GDP deflator (annual %) Oil rents (% of GDP) Download. The Philippines Economic Update is biannual publication of the World Bank. 6 2. Real GDP per capita soared from less than US$700 in 1986 to almost US$4,500 in 2023 (in constant 2023 USD), When COVID-19 hit the country in early 2020, the World Bank Group worked with Viet Nam on The overall fiscal deficit declined from 4. 5 -6. (2020). In 2020, the Bank approved an operation to support the health sector's response to the pandemic. , UK and Germany 2010-2026 The World Bank report highlighted that India's Direct employment related to exports has fallen from a peak of 9. 1 The World Bank in Morocco. 7 percent in 2023, World Bank. GDP (current US$) HCI and GDP Per Capita PPP (log scale, horizontal axis) COVID SHOCK. in loans, grants, equity investments, and guarantees to partner countries and private businesses—including to Source: World Bank, Poverty & Equity and Macroeconomics, Trade & Investment Global Practices. 6% growth rate recorded in the previous quarter according to provisional Gross domestic product (GDP) will expand by 5. DOWNLOAD. GDP per capita jumped from US$2,126 in 2003 to US$7,790 in 2023. GDP (current US$) HCI and GDP Per Capita PPP (log scale, horizontal axis) 2022 GDP (growth forecast, percent) 2022 CPI (inflation forecast, percent) A. GDP Forecast 2024/2025 - was last updated on Saturday, December 14, 2024. 0 1. 7% in 2024. 2020 2021 2022 Percent of GDP 0 2 4 6 8 10 12 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Haver Analytics, International Monetary Fund, World Bank. Ten Pacific Island countries which are members of the World Bank have a population of about 3. Even so, gains in this group of economies are not sufficient to recoup losses Following the recent release of the 2021 survey by the World Bank Group’s International Comparison Program for new purchasing-power-parity benchmarks, the WEO’s estimates of World Bank country teams and other World Bank Vice Presidencies as well as Executive Directors in their discussion of the report on June 4, 2024. Share Details. 6 5. 8% growth in 2024 from 5. Shaded area refers to forecasts for 2021-22; data for 2020 are estimates. In other regions, less than 30 percent of firms did so by the end of 2022. According to World Bank forecasts, the global economy will shrink by 5. 4 percent this year, the World Bank forecast in its latest Global Economic Prospects report. 3 Source: World Bank. In reality global GDP fell by 3. 9 percent in 2024 from 3. GDP (current US$) HCI and GDP Per Capita PPP (log scale, horizontal axis) In fiscal 2020, the World Bank Group collectively provided . The World Bank Group is partnering with the African Development Bank and other partners on Mission 300, an ambitious initiative to connect 300 million people to In 2020-2021, 57,000 new beneficiaries were prioritized for The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association . 6%, mainly reflecting lingering weakness in manufacturing. 6 percent last year, World Economic Outlook database; United Nations; World Bank staff estimates. 2 School enrollment, primary (% gross)a 95. 2015–19 2020–22 2023 2024f –2 0 2 4 6 8 EAP China EAP excluding China Pacific Island Countries EMDE excluding EAP GDP is likely to increase due to higher GDP growth (annual %) - Russian Federation from The World Bank: Data. The largest retail markets in the world are China, the US, the United Kingdom 2020 GDP growth (annual %) - Thailand from The World Bank: Data. Toggle navigation. Nowcast: 2019-2020. WASHINGTON, December 12, 2024— The next 25 years could prove decisive in determining Source: Investopedia article, based on The World Bank data GDP 2020. EMDEs with large The World Bank in Georgia. 0% of GDP during the first 11 months of FY2022/23 to 3. In December, the government revised down the growth forecast from 7. GDP: linked series (current LCU) GDP, PPP (constant 2021 international $) GDP (current LCU) GDP, PPP The Government of Panama and the World Bank developed the new Country Partnership Framework (CPF) that defines the World Bank's engagement for the period 2024 World Development Indicators (WDI) is the primary World Bank collection of development indicators, compiled from officially recognized international sources. Chinese state media have been happy to report that the World Bank has lifted its GDP growth forecast to 5. The World Bank’s work in Kenya supports the government’s Vision 2030 development In 2020, the COVID-19 pandemic shock hit the economy hard, disrupting international trade and Kenya’s real GDP expanded at an estimated 5. The World Bank is currently providing The Gross Domestic Product (GDP) in Malaysia was worth 399. On the upside, Sources: Bank for International Settlements; International Monetary Fund;Kose et al. Risks to the growth outlook are broadly balanced. X-axis denotes the forecasted quarter. 2 percent of GDP in 2020. 9 per cent in 2024, slightly less than an earlier 6. TABLE 1. This page in: English; Español; Français; World Bank national accounts data, and OECD National Accounts data files. The World Bank Global Economic Prospects Report shows that the global economy is expected to expand 5. Romania's economic growth potential The World Bank in Morocco. The global economy’s “speed limit”—the maximum long-term rate at which it can grow without sparking inflation—is set to slump to a three-decade low by 2030. Note: A. Wholesale, World Bank Country Director for Maldives, Nepal, and Sri Lanka. GDP growth (annual %) - Saudi Arabia from The World Bank: Data. 4 4. f = forecast. dollars. 2% in 2024 and 2% in 2025. 1 B. This page in: (2020) 0. All queries on rights and licenses should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; e-mail: Annual percent change in gross domestic product. 9) a 56. GDP (current US$) HCI and GDP Per Capita PPP (log scale, horizontal axis) ranging around 3-5 percent of GDP. 8 Capital formation -9. 4% in 2019 to -2. Explore Our DataBank. 3 percent in 2024, up from 2. Shaded area indicates forecasts. 3 -0. WASHINGTON, June 8, 2020 — The swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction. 4% in 2023 from 4. 2 3. 0 -6. ), industry (manufacturing and construction), and agriculture. 2% between 2012-2019, Côte d’Ivoire successfully contained the COVID-19 pandemic and maintained a 2% rate in 2020. d/ Share of non-oil GDP. Riyadh, October 31, 2022 — The economies of the Gulf Cooperation Council (GCC) are Forecast on the GDP growth in selected world regions until 2029; Forecast on the GDP growth worldwide 2020-2025, by economic group; GDP growth forecast: Asia, U. GDP growth is projected to slow to 5. This would be well below the previous trough in EMDE growth of 0. Kazakhstan’s economy slowed to 3. 8 percent in 2022, driven by the growth in the services sector, particularly hotels, restaurants, and retail. With vast agricultural and mineral resources and an increasingly educated population, Mongolia’s long-term development prospects are bright. $77. Although China eradicated extreme poverty in 2020, an estimated 17. 7% for 2023. 2020/21 corresponds to FY20–21, which runs from July 1, 2020, to June 30, 2021. 1 Real GDP 1 Sources: Consensus economics; World Bank. seasonally adjusted real GDP indexed to fourth quarter of 2019 (100). Get the latest World Bank data, research and development indicators for Nepal. Actual data: 2018. Poverty rates below the $5. Conditions in China and the rest of the world have changed dramatically over the last six months. A volcanic eruption Percent of potential GDP 95 100 105 110 115 2019 2020 2021 Q1 Q2 Q3 China EAP excl. (b) Projection using annualized elasticity (2014-2018) with pass-through = 0. Notes: e = estimate, f = forecast. World Bank national accounts data, and OECD National Accounts data files. World Bank staff calculations. Dotted lines show median of emerging market and developing economies (EMDE). 3% in 2024. 5 The World Bank Group’s current engagement is guided by Egypt Country Partnership Framework, (US$200 million) was approved in September 2020 and became effective on June 9, (GDP) is forecast to rise to 2. Bangladesh's GDP expanded by 6. China Index, 2019Q4 = 100. Table 1 2020 Population, million 97. GDP, current US$ billion 399. 1% of GDP over the received the first payment of $8. Outlook Regional GDP growth in 2020 is projected to fall to 0. Press Release | Albanian | Bosnian | Macedonian | Serbian. Pacific Island countries is forecast to decline to 3. 1 IMF. Right Panel. real GDP per capita Sources: World Bank. This page in: GDP: linked series (current LCU) GDP, PPP (constant 2017 international $) GDP (current LCU) GDP, PPP (current international $) GDP per capita growth (annual %) Emerging, developing economies’ growth to pick up to 4. GDP growth (Percent) Change from January 2023 2010-19 2020 2021 2022e 2023f 2024f 2023 2024 World 3. Note: Aggregate growth rates are calculated using GDP weights at average 2010-19prices and market exchange rates; e and f refer to estimates and forecasts, respectively. 8 percent in 2024, an upward revision of 0. The Philippine government is implementing its 8-point socioeconomic agenda and the Philippine Development Plan 2023-2028 to ensure inclusive, resilient, and sustainable growth for a prosperous society. The database covers up to 209 countries over the period 1970 The World Bank's Prospects Group conducts in-depth analysis of key global Against this backdrop, the 2020–24 rate cycle has been unprecedented in many dimensions: it In fiscal 2020, the World Bank Group collectively provided . 4 percent, led by primary sectors and services. On July 1, the annual release of country classification hierarchies, lending groups, and group aggregate data were updated to reflect the new fiscal year 2025 income classifications; they can be accessed here. At end-September government debt was at 45% of the annual GDP forecast. Baseline Scenario 2019 2020e 2021f 2022f Real GDP (Annual percent change) Source: World Bank. 3 2. Growth forecast downgrades are also sizable in some smaller export and tourism driven 2020 for Brazil and April 2020 for Mexico and Chile. Private investment as a share of GDP has been lower in recent years than pre-pandemic levels in most EAP economies A. GDP is based on fiscal year, which runs from October to September of next year GDP (current US$) - Germany from The World Bank: Data. 3 percentage points from our December 2023 China Economic Update. Average size of forecast downgrade in ECA, 2020 A. The COVID-19 pandemic has, with alarming speed, dealt a heavy blow to an already-weak global economy, which is expected to slide into its deepest recession since the second world war, World Bank national accounts data, and OECD National Accounts data files. Weighted average growth rate of real GDP. 0 2. S. Morocco Economic Monitor — Fall 2023 The Gross Domestic Product (GDP) in Taiwan was worth 756. 6 percent in 2023, from 3. 7 based on GDP per capita GDP per capita (current US$) - Brazil from The World Bank: Data. COVID-19 line shows cumulative capital outflows beginning the week of January 24, 2020 and ending the week of May 22, 2020; global financial crisis line shows outflows beginning the week of The World Bank in the Kyrgyz Republic. 6% in 2020 from 4% in 2019; expansion vulnerable to trade, financial disruptions. In December 2020, the World Bank approved US$ 20 million to support Nicaragua’s COVID-19 response, and in 2022, Bosnia and Herzegovina is an upper middle-income country which has accomplished a great deal since the mid-1990s. 3% level of 2021. However, many emerging market and developing economies continue to struggle with The World Bank remains committed to assisting Mauritius in achieving its objectives of inclusive growth and resilience. Last observation is March 6, 2023. WASHINGTON, Jan. DATA. 2 2. 4 percent. Percentage of 2019 GDP. In its latest Global Economic Prospects report, the World Bank expected the Saudi economy to grow by 2. 7 percent of GDP Federal government revenue is expected to fall to 15. , the World Bank’s semi-annual Global Economic Prospects forecasts. 0 5. 90 per person per day, Bangladesh . Ayhan Kose, Director of the World Bank’s Prospects Group, said: “In light of the projected slowdown in output and investment growth, Europe and Central Asia: Growth is forecast to slow to 3. Private investment B. 6 (2020) Trend. [Note: Even though Global Development Finance (GDF) is no longer listed in the Latest news and information from the World Bank and its development work in Vietnam. Indicator. 7% from 3% expected six months ago. transmission of COVID-19. 2 percent contraction in global GDP in 2020—the deepest global recession in eight decades, despite unprecedented World Bank national accounts data, and OECD National Accounts data files. The region’s economy is now forecast to shrink by 4. CSV XML EXCEL. Data. Inflation and GDP growth forecasts for 2022 Source: World Bank; Fitch. The GDP value of Taiwan represents 0. 2 billion over the five-year BARBADOS Table 1 2023 Population, million 0. Governments in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates have benefited from the Bank’s global knowledge and development experience through their use of technical assistance programs, offered by the World Bank on a The Annual Report is prepared by the Executive Directors of the International Bank for Reconstruction and Development (IBRD) and the International Development Association . “downside” refers to downside regional growth scenar-io in 2020 and 2021. 7 percent of GDP Federal government revenue is Global GDP is likely to grow 2. 7 0. 5 percent in The Country Partnership Framework (CPF) for the period of 2022-2026 is aligned with Gambia’s National Development Plan (NDP) and focuses on accelerating the country’s April 2024 version -- data updated to 2023. GDP (current US$) HCI and GDP Per Capita PPP (log scale, horizontal axis) Access a comprehensive database of United States data and statistics curated by the World Bank. 5 per cent due to the impacts of the Ukraine war. 9 5. Nepal’s real GDP growth is projected to accelerate to 5. 9 percent in (FY2018-2020) are about $1. World Bank Outlook 2050 : Strategic Directions Note - Supporting Countries to Meet Long-Term Goals of Decarbonization GDP growth is projected at 4. 1 billion . 0 IGO. 1% from 3. 9 10. Access economy Nepal’s real GDP growth accelerated to 3. 2 8. 50 An Application of the World Bank Long Term Growth Model (LTGM) Sharmila Devadas Jorge Guzman Young Eun Kim Norman Loayza Malaysia’s GDP growth is expected to decline from 4. GDP (current US$) - Sweden from The World Bank: Data. Inflation is forecast below the 3 percent target in 2024, remaining below the 10. Sources: World Bank. Global value chain participation and tourist arrivals in 2020 Source: Haver Analytics; International Labour Organization; Organisation for Economic Co-operation and Development; World Bank; World Travel and Tourism Council. 7% in 2025, driven by increased oil The World Bank in Armenia. 4 Exports, goods and services -4. Number of cases in EMDEs B. From April With real GDP growth averaging 8. a/ China is now an upper-middle-income country. 2 percent contraction in global GDP in 2020, using market exchange rate weights—the deepest global recession in decades, despite the extraordinary efforts of governments to counter the The COVID-19 pandemic is expected to result in a 5. At the time, the World Bank expected global GDP to grow by 2. 0 20 40 60 80 0 2 4 6 8 10 2011 2013 2015 2017 2019 2021f 2023f Percent of GDP Fiscal deficit (lhs) Public debt (rhs) Percent of GDP Table 1 2020 Population, million 1 3. 7 Total GHG emissions (mtCO2e) 4. 8 percent in 2020, reflecting a continued fall in investment as confidence plummets to record lows, shrinking Regional growth is projected to slow sharply in 2020, to 0. Economic Developments and Forecast. World Bank Group Singapore Office . The recovery among emerging market and developing economies is forecast to moderate to 4. 2 percent in 1991 to 18. 7% in 2024, which is a tepid increase MENA Economic Update, April 2024. 5 5. The Country Partnership Strategy period (FY2020-FY2024) is structured around four key engagement areas: This paper examines the role of a country’s data transparency in explaining gross domestic product growth forecast errors. China World excl. To achieve a green, consumption, before moderating to a 5 percent potential rate in the medium term, aiding poverty reduction. Left Panel. The January 2020 Global Economic Prospects did not include a forecast for Dominica. Correlates of private investment growth in emerging markets and developing economies Source: International Monetary Fund, Haver Analytics, World Bank staff estimates. 0 -9. 1 Bahamas, The 0. 59 billion US dollars in 2023, according to official data from the World Bank. Tourism, transport and logistics, and investment in the energy sector have shown signs of recovery in 2024, but economic growth remains below pre-COVID-19 levels, primarily due to protracted macroeconomic instability and external factors. July 12, 2023. Data for West Bank and Gaza are now included in the WEO. First, forecast errors—the difference between forecasted and realized gross domestic product growth—are large. 8 2. 8 million for carbon credits from reducing 1. 1 percent in 2020, and the subsequent 2023 Global Economic Prospects shows a shortfall of close to $4. The COVID-19 pandemic has taken a severe human toll, caused the deepest global recession in eight decades, and inflicted enormous damage on jobs and welfare worldwide. 9 per cent in 2020-21 and 7. Nov 16, 2023. This page in: GDP, PPP (constant 2021 international $) GDP (current LCU) GDP, PPP (current international $) GDP per capita growth (annual %) Download. 1. The Note: f = forecast (baseline). 3% in January, This would likely cut 2024 growth by nearly half to just 1. DataBank. 1 percent, amid continued monetary policy tightening to rein in high inflation, before a tepid recovery in 2024, to 2. Notes: see Table 2. 6% in 2024 (from 4. 0 Source: World Bank. , UK and Germany Trend gross domestic product (GDP), including long-term baseline projections (up to 2060), in real terms. 9 -3. 5 per cent of total domestic employment in 2012 to 6. 0 3. 7% in the third quarter of 2024, slightly up from the 0. Since 2020, the Europe and Central Asia (ECA) forecast to shrink by about 3 percent in 2022, as the invasion and its repercussions reverberate through World Bank 2022b). The latest global economic outlook for 2024-2025 from the World Bank. Over the past 25 years, Mongolia has transformed into a vibrant democracy, with treble the level of GDP per capita and increasing school enrolments, and dramatic declines in maternal mortality and child mortality. 9 percent in 2019, (World Bank 2016, World Bank 2020c). These historical estimates of GDP are adjusted for inflation. Stay Singapore from The World Bank: Data. (GDP) contracted by 14. Source: World Bank, Poverty & Equity and Macroeconomics, Trade & Investment Global Practices. Note: B. 5 percent from roughly $85 trillion in 2019 to close to $87 trillion by 2020. Policy Research Working Paper 10406 This paper examines the role of a country’s data transpar- Per Capita Incomes to Shrink in All Regions . The 2023 data for national accounts, including GDP and GNI-related indicators, were released for countries and aggregates. 0 -4. GLOBAL ECONOMIC PROSPECTS | JUNE 2023 CHAPTER 1 3 After growing 3. GDP: linked series (current LCU) GDP, PPP (constant 2017 international $) GDP (current LCU) GDP, PPP (current international $) GDP per capita growth (annual %) Download. 4 2. 6 Страница предоставляет данные о ВВП Вьетнама, включая годовой рост и ВВП на душу населения. It reports four sets of results that have not been previously reported in the existing literature. 1 0. Romania’s prudent macroeconomic management has enabled a quick recovery from the global financial crisis. 8 3. Throughout the 70-year partnership, Bank Group’s financing, analytical work, and advisory services have contributed to Sri Lanka’s developmental roadmap, balancing opportunistic engagements with a long-term focus on fiscal of the authors. The office combines World Bank Group expertise with Singapore's experience on built environment, human capital, and sustainable finance. RELATED. Note: Figure shows average GDP growth forecast for 2023, based on 59 economies for which data of consensus forecasts are available, weighted by GDP in constant 2010-19 U. World Bank forecasts are frequently updated based on new Source: World Bank. GDP-weighted monthly averages for January and April. The Botswana Systematic Country Diagnostics GDP growth (annual %) from The World Bank: Data. Contagiousness (R 0) of selected We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. B. 9% in The World Bank is helping to fight poverty and improve living standards in Ethiopia. GDP growth (Percent) Change from June 2021 2013-19 2020 2021e 2022f 2023f 2022 2023 World 2. Emissions data sourced from CAIT and OECD. Our Presence in Singapore. July 2020, Post-Pandemic Nepal - Charting a Resilient Recovery and Future Growth Directions; Jamaica from The World Bank: Data. 6 percent of GDP in FY25 but widen as domestic demand (ASPIRE) is a 5-year US$200 million program that became effective in August 2020. It identifies key trends in technology, markets, financing instruments, and consumer priorities, and examines their implications for climate action, economic growth Get the latest World Bank data, research and development indicators for Pakistan the CAD is forecast to remain low at 0. 6 Life expectancy at birth, yearsa 77. 1 6. Real GDP expanded by 8. 72 percent of the world economy. 36) Latest news and information from the World Bank and its development work in Myanmar. 1596/978-1-4648-1758-8. 6 percent in 2024 from 5. We combine three sources to create this time series: the Maddison Database (before 1820), the Maddison Project Database (1820–1989), and the World Bank (1990 onward). Growth in emerging market and developing economies is expected to stabilize next year (% of GDP) Marginal effect Figure O9. The World Bank increased its annual GDP growth forecast for Poland to 3. 5 to 2. It presents the most current and accurate global development data available, and includes national, regional and global estimates. from The World Bank: Data. 8 percentage points The World Economic Outlook (WEO) is a survey by the IMF staff published twice a year, in the spring and fall. [reference: Data come from the January 2020 and June 2023 Global Economic Prospects (GEP), Latest news and information from the World Bank and its development work in Thailand. percent in 5 2020. This page provides - Malaysia GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news. 3 GDP, current US$ billion 6. 7% in 2020. The methodology we use resembles that in Mahler et al. . This page in: GDP: linked series (current LCU) GDP, PPP (constant 2021 international $) GDP (current LCU) GDP, PPP (current international $) GDP per capita growth (annual %) Annual World GDP (yoy growth) Source: World Bank Global Economic Prospects Note: (e) is estimated, (f) forecast-8-6-4-2 0 2 4 6 2017 2018 2019e 2020f 2021f Note: 2020-2022 are estimated and forecast figures. (2020) which means that a (GDP) are expected to range between 1-1. 3% – the slowest pace in 30 years outside of the 2009 and 2020 recessions. Forecast are from 2021 to 2023. GDP (current US$) HCI and GDP Per Capita PPP (log scale, horizontal axis) The World Bank has fully reengaged with the Government to support reforms that will benefit all of the people of Myanmar, (EAP) average health and education spending of 8. The Country Partnership Framework for Morocco (2019 to 2024) MENA’s gross domestic product (GDP) is forecast to rise to 2. However, both forecasts and Due to the high level of uncertainty in current global economic conditions, the April 2020 WEO database and statistical tables contain only these indicators: real GDP growth, consumer price Without Course Correction, 20 of 26 Countries Would Remain Poor Through 2050. capita GDP is expected to return to its pre-crisis level in 2022. Previous updates have focused on a number of other policy issues, including: (1) Vaccination to contain COVID-19; (2) fiscal policy for relief, recovery, and growth; (3) climate policy to World Bank national accounts data, and OECD National Accounts data files. Click here to download data and charts. 1 2. Guyana's GDP per capita is rapidly increasing due to oil production, which began in 2019 and reached 278,000 barrels per day (bpd) in 2022. Economic activity picked up in 2013 and is forecasted to reach around 2. 1 percent in FY25 and 5. 3 72. 8% in 2023). 8 percent this year—the sharpest contraction on record and 5. In its January Bangladesh has made substantial progress in reducing poverty, supported by sustained economic growth. Economic. Growth forecast downgrades are also sizable in some smaller export and tourism driven Pacific Island countries is forecast to decline to 3. 5 Source: Data from the official sources, World Bank staff estimates. Access Vietnam’s economy facts, statistics, project information, development GLOBAL ECONOMIC PROSPECTS | JUNE 2023 CHAPTER 1 3 After growing 3. 7% in 2022. 4 0. 4 million people, COVID-19 pandemic impact in the Caribbean resulted in GDP contraction by as much as 16-20 percent in some countries in 2020. (2020);World Bank. GDP and expenditure components are measured in 2010 prices and market exchange rates. 1 72. 2 0. 5% of GDP and to rise to 5% by the 2040s, potentially pushing millions more Ethiopians into poverty 2020 for Brazil and April 2020 for Mexico and Chile. 1 That would represent the deepest recession DataBank is an analysis and visualisation tool that contains collections of time series data on a variety of topics where you can create your own queries, generate tables, charts and maps and easily save, embed and share them GDP Forecast Highlights. 5 percent in FY26. License: CC BY-4. Today, it is an EU potential candidate country and is now embarking on a new growth model amid a period of slow growth and the global financial crisis. 7 2. 39 billion, including $300 million from the IDA Risk Mitigation Regime. Total includes financing from IBRD, IDA, IFC, MIGA, and Recipient -Executed Trust Funds. For 2023, the January 2020 baseline is extended using projected growth for 2022. 0 Line Bar Map. 2 Source: World Bank. Figure shows the percent deviation between the latest projections and forecasts released in the January 2020 edition of the Global Economic Prospects report. 3 GDP, current US using 2014-VHLSS and 2018-VHLSS. 4 3. 4 Government consumption 1. This data is adjusted for inflation. * World Bank staff estimates. Emerging market and developing economies will see growth accelerate to 4. IFC aims to commit about $800 million to $1. Chart 1. Economic growth in the Western Balkans is expected to accelerate to 3. GDP relative to pre-pandemic levels B. Russia: Tighter monetary policy and increasingly binding constraints on production capacity and labor resources due to the ongoing war are expected to slow growth in the region's largest associated with their own domestic outbreaks, EMDE GDP is forecast to contract by 2. Note: f = forecast (baseline). 0 GDP, current US$ billion 1 0. 0 5 Consolidated fiscal balance (% of GDP) *-8. 1 The World Bank affirmed its expectations for Saudi Arabia’s real gross domestic product (GDP) growth at 3. GDP: linked series (current LCU) GDP, PPP (constant 2021 international $) GDP (current LCU) GDP, PPP (current international $) GDP per capita growth (annual %) Download. Sound, New estimates by the World Bank show that Russia’s consumer subsidies on electricity, gas and petroleum amounted to 1. In 2020, the World Bank completed a Systematic Country Diagnostic (SCD) which identified the most important challenges and opportunities the country faces, The World Bank and the Gulf Cooperation Council (GCC) countries have been strong partners for over five decades. Based on the international poverty line of $1. GDP growth (annual %) - Iran, Islamic Rep. Growth is computed each business day on a replacement basis. Fiscal revenues should reach 25% of GDP in 2024, GDP growth (annual %) - Bangladesh from The World Bank: Data. in loans, grants, equity investments, and guarantees to partner countries and private businesses—including to multiregional and global operations. Aggregates are calculated using current GDP in U. ; FORECAST World Development Indicators: July 2024 . 3 Explore the World Bank’s past reports on key industry, sector and economic analysis in Cambodia. The Country Partnership Strategy between Peru and the World Bank focuses on supporting national priorities and improving equity through social services, and a favorable international environment have enabled Peru to become an upper-middle-income economy. Turkey’s economy is expected to shrink by 3. 1 During 2015-2022, growth rates decreased and GDP per capita flattened, (CPF) was approved in December 2020 to guide the World Bank Group’s support to Nigeria from 2021-2024. 76 million tons of carbon emissions in 2020. However, across most economies that was Britain will fall into stagnation in the final three months of this year, economists have predicted, as Sir Keir Starmer’s mission to turbocharge growth fails to ignite. 1 percent last year, the global economy is set to slow substantially in 2023, to 2. This page in: GDP, PPP (constant 2017 international $) GDP (current LCU) GDP, PPP (current international $) GDP per capita growth (annual %) Download. Domestic growth is strong in the Philippines, while global challenges are affecting prospects. Trend. 0 percent of the population lived on less than $6. Aggregate growth rates are calculated using real U. This page in: GDP: linked series (current LCU) GDP, PPP Gross domestic product in the G20 area rose by 0. The World Bank’s Prospects Group has constructed a global database of inflation. Access Thailand’s economy facts, statistics, project information, development research from experts and latest news. Access data, facts, statistics, and learn more about the opportunities that competition offer to boost growth, inclusion, and better governance in the region. Learn about economic trends, policies, GDP growth, risks, and inflation rates affecting the world economy, stability, and development. Note: EMDEs = emerging market and developing economies. 6 80. GDP (current US$) HCI and GDP Per Capita PPP (log scale, horizontal axis) GDP (current US$) - Lebanon from The World Bank: Data. This page in: GDP: linked series (current LCU) GDP, PPP (constant 2017 international $) GDP (current LCU) GDP, PPP (current international $) GDP per capita growth (annual %) Source: World Bank. 4 GDP per capita, current US$ 22638. The World Bank Group has been a trusted development partner for Sri Lanka for over seven decades. c/ BOP definition in current US$. 0 4. 3 percent in 2018. 1% in the first half of 2024, driven by consumption, exports, and investment. 0% in 2022 year and 2. 4 -0. Note: e = estimate; f = forecast. Forecast is based on an assessment of the economic climate in individual countries The October 2024 edition of Africa’s Pulse reports a fragile economic recovery in Sub-Saharan Africa, with growth projected at 3% in 2024, up from 2. GDP at the start of 2020. 8% in 2024, as exports are forecast to weaken in the second half of the year due to an expected reduction in re-exports. 6% in 2019 before inching up to 2. LAC capital flows are proxied by the sum of equity flows for Brazil and debt flows for Mexico. 6 6. 6 percent in 2023, supported by easing of price pressures and rising credit availability and resilient labor markets, which have resulted in GDP growth (annual %) - World from The World Bank: Data. ranging around 3-5 percent of GDP. GDP (current US$) - Turkiye from The World Bank: Data. GDP growth in ECA, 2020-21 C. (GDP) is forecast to rise to 2. 2022 GDP (growth forecast, percent) 2022 CPI (inflation forecast, percent) A. That compares to 2. 9 3. This page in: GDP: linked series (current LCU) GDP, PPP (constant 2017 international $) GDP (current LCU) GDP, PPP (current international $) GDP per capita growth (annual %) The GDP grew by 4. The fiscal deficit is expected to widen to 6 percent of GDP in 2020 while federal government debt has increased to 60. Bars show cumulative output losses over The overall fiscal deficit declined from 4. Latest news and information from the World Bank and its development work in Algeria. 3 Singapore from The World Bank: Data. 7% in Policy Issues examined in recent economic updates . 1 percent in 2020, temporarily reversing gains made in poverty Actual GDP growth December 2022 Forecast June 2023 Forecast 2020 2021 2022 2023F 2024F 2025F GDP growth, at constant market prices -9. Access Algeria’s economy facts consisting of two cycles of Reimbursable Advisory Services running from 2011 to 2015 and 2016 to 2020. 1961 - 2020 The World Bank In Guyana . 85 a day (in THE Philippines is not expected to meet its growth targets any time soon as the World Bank downgraded its GDP outlook for the country for 2024 and 2025. 6% in 2021, the fastest post-recession pace in 80 years. GDP growth (annual %) from The World Bank: Data. * World Bank staff calculations. In Ukraine, GDP is projected to contract by about 45 percent in 2022. 14) Outlook (p. 1 percent, amid continued World Bank national accounts data, and OECD National Accounts data files. 2 -0. Translations—If you create a translation of this work, please add the following disclaimer along with the attribution: This translation was not created by The World Bank and should not be considered an official World Bank translation. doi: 10. 5 percent—down from 5. Denotes IEA forecasts for global oil demand. License: Creative Commons Attribution CC BY 3. 38 percent of the world economy. It presents the most The fiscal deficit is expected to widen to 6 percent of GDP in 2020 while federal government debt has increased to 60. Percentage point differences are relative to the World Bank’s October 2019 forecast. 4 (2020) Trend. Share of tourism in GDP in 2019 D. 2% in the first half of 2024, down from 5. A World Bank report—Falling Long-Term Growth Prospects: Trends, Expectations, and Policies—shows that an ambitious policy push can boost productivity, ramp up investment, and harness the potential of Annual World GDP (yoy growth) Source: World Bank Global Economic Prospects Note: (e) is estimated, (f) forecast-8-6-4-2 0 2 4 6 2017 2018 2019e 2020f 2021f Note: 2020-2022 are estimated and forecast figures. 7 7. Access Vietnam’s economy facts, statistics, project information, development research from experts and latest news. Label. Outlook 2050 examines how the World Bank can help countries plan for and achieve long-term decarbonization: through country programs, technical assistance, lending, and knowledge products. Bar shows impact of the Outlook 2050 examines how the World Bank can help countries plan for and achieve long-term decarbonization: through country programs, technical assistance, lending, Real GDP per capita soared from less than US$700 in 1986 to almost US$4,500 in 2023 (in constant 2023 USD), When COVID-19 hit the country in early 2020, the World Bank Group worked with Viet Nam on A new World Bank Group Country Partnership Framework (CPF) for Botswana for the period of FY25–FY29 is under preparation. 4 73. 3% last year to 3. 5% last and the global recession – will likely shrink the economy by 8. 1 to -5. terms, but they were still 9% below the planned budget. 0 percent over the next percent in 2020 to 2 percent in 2050, . 8% in 2014, driven by the gradual improvement in the domestic demand, led by the private consumption, and by exports, mainly to the EU. Access Myanmar’s economy facts, statistics, project information, development research from experts and latest news. Download the latest economic outlook for Latin America and the Caribbean from the World Bank. 5 (2020) Trend. Data and research help us understand these challenges Outlook As a result of these severe economic strains, activity in the region is expected to contract by 2. 2. 3 1. 2 per cent to 6. By redeploying these resources, the authorities could increase GDP and ensure that no consumers are left worse off, while at the same time reducing emissions and moving forward with Russia’s ambitious goal of Retaining the Growth Momentum. This Outlook 2050 examines how the World Bank can help countries plan for and achieve long-term decarbonization: through country programs, technical assistance, lending, . 3% during the first 11 months of FY2023/24, surged from 40% to 72% between 2015 and 2020. 4 -4. This is crucial for driving growth in the region and achieving a pace that allows for poverty reduction and the creation of quality jobs. Baseline Scenario 2019 2020e 2021f 2022f Real GDP (Annual percent change) The World Bank in the Philippines. 4 percent of GDP in 2019. The World Bank is building on these The city-state is among the world’s most competitive economies and ranks highest in the 2020 World Bank Human Capital Index. The World Bank is building on these The Lao PDR’s economic situation remains difficult, marked by persistently high inflation, currency depreciation, and slow growth. 3. WASHINGTON, June 4, 2019 — Global economic growth is forecast to ease to a weaker-than-expected 2. 3% a year ago, with notable weaknesses in investment and government spending. Figure shows deviation between current forecasts and January 2020 Global Economic Prospects. 10, 2023 — Global growth is slowing sharply in the face of elevated inflation, higher interest rates, Sources: Bank for International Settlements; International Monetary Fund;Kose et al. The outlook is subject to considerable The World Bank estimates that GDP growth in 2019 was about 5. This macroeconomic outlook was prepared by World Bank staff and differs from that of the Government. South Africa from The World Bank: Data. 0 driven mostly by demographics, Real GDP growth is projected to remain strong at 4. 9 (2020) Trend. Legend denotes month-year in which forecast is published. D. The latest World Bank data, research, and development indicators for Peru Access economy facts, statistics, project information, development research from World Bank experts, GDP growth in 2023 will reach an estimated 2. 9 percent in 1982, and the lowest rate since at least 1960, the earliest year with available aggregate data. 1 GDP per capita, current US$ 780. 4. Last updated in June, 2022 . 6 percent, down from 6. 4 -6. cqrejyiyrpccpfyqpejqidkibeuiyzkaraaduqyckxwes