The World Bank on Tuesday slashed its global growth forecast for 2025 by four-tenths of a percentage point to 2.3%, saying that higher tariffs and heightened uncertainty posed a "significant headwind" for nearly all economies, APA reports citing Reuters.
In its twice-yearly Global Economic Prospects report, the global lender lowered its forecasts for nearly 70% of all economies - including the U.S., China and Europe, as well as six emerging market regions - from the levels it projected six months ago before U.S. President Donald Trump took office.
Trump has upended global tra XV de with a series of on-again, off-again tariff hikes that have increased the effective U.S. tariff rate from below 3% to the mid-teens - its highest level in almost a century - and triggered retaliation by China and other countries.
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