The global economy is on course to record its worst half decade of growth in 30 years, according to the World Bank.

Global growth is forecast to slow for the third year in a row in 2024, dipping to 2.4% from 2.6% in 2023, the organization said in its latest “Global Economic Prospects” report released Tuesday.

Growth is then expected to rise marginally to 2.7% in 2025, though acceleration over the five-year period will remain almost three-quarters of a percentage point below the average rate of the 2010s.

And despite the global economy proving resilient in the face of recessionary risks in 2023, increased geopolitical tensions will present fresh near-term challenges, the organization said, leaving most economies set to grow more slowly in 2024 and 2025 than they did in the previous decade.

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The bank said the data showed that the world was failing in its goal of making the 2020s a “transformative decade” in tackling extreme poverty, major communicable diseases and climate change. However, it added that there was an opportunity to turn the tide if governments act quickly to increase investment and strengthen fiscal policy frameworks.