Eurozone expected to grow slightly more in 2024

The world bank predicts the 20-nation euro area will grow 0.7 percent this year, a modest improvement on last year’s 0.4 percent expansion.

The international financial institution expects economic growth in the US, the country which led the way in 2023 with 2.5 percent growth to decelerate to 1.6 percent this year as higher interest rates weaken borrowing and spending.

China’s economy, the world’s second largest is forecast to grow 4.5 percent this year and 4.3 percent in 2025 down sharply from 5.2 percent last year.

The Chinese economy, for decades a leading engine of global growth, has sputtered in recent years. Its overbuilt property market has imploded, consumers are downcast, youth unemployment is rampant and the population is ageing, sapping its capacity for growth.

Slumping growth in china is likely to hurt developing countries that supply the Chinese market with commodities. These include coal-producing South Africa and copper-exporting Chile.

Japan’s economy is expected to grow just 0.9 percent, half the pace of its 2023 expansion.