According to a new report released today by the World Bank, global growth is expected to reach only 2.3 percent in 2025. This represents a decline from last year’s 2.8 percent and is the slowest rate since 2008, apart from the global recessions of 2009 and 2020.

This forecast also significantly revises the World Bank’s earlier projections from earlier in the year, which anticipated a much more robust growth rate of 2.7 percent for the year.

If those forecasts prove accurate, it would make the 2020s the weakest economic decade since the 1960s, when the world was under significant Cold War tensions.

“Only six months ago, a ‘soft landing’ appeared to be in sight: the global economy was stabilising after an extraordinary string of calamities both natural and man-made over the past few years,” the report states.

“That moment has passed. The world economy today is once more running into turbulence.

“Without a swift course correction, the harm to living standards could be deep.”