Surprising U.S. economy is powering better global outlook, World Bank says

High interest rates and trade tensions pose risks to a newly upbeat forecast, though.

By David J,. Lynch, The Washington PostA hiring sign is displayed at a grocery store in Deerfield, Ill.

While Americans’ unhappiness with high prices remains a key vulnerability for President Biden’s reelection bid, the World Bank now expects the U.S. economy to grow at an annual rate of 2.5 percent, nearly a full percentage point higher than it predicted The bank credited “U.S. dynamism” with helping stabilize the global economy, despite the highest interest rates in years and wars in Ukraine and the Middle East. Employers added 272,000 jobs in May, topping analysts’ estimates, the Labor Department reported last week.

Bank officials also flagged global trade - which is on course this year to complete its weakest half-decade since the 1990s - as a concern. Trading nations in 2024 have implemented more than 700 restrictions on merchandise trade and nearly 160 barriers to services trade.

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