AsianFin -- The global economy is on track for its weakest decade of growth since the 1960s, according to a new World Bank report released Tuesday, with rising tariffs and trade tensions among the primary factors weighing on long-term expansion.

After signs of a potential “soft landing” emerged late last year, the outlook has deteriorated significantly in recent months. The World Bank now projects global GDP will grow just 2.3% in 2024—nearly half a percentage point lower than previous forecasts—marking the weakest performance in nearly two decades outside of recession years.

Looking ahead, the report estimates that global growth will average just 2.5% through 2027. If realized, that would make the 2020s the slowest decade for global economic expansion in more than half a century.

The World Bank attributes much of the slowdown to escalating trade barriers, including tariffs introduced in recent years, which have disrupted supply chains, reduced investment, and curbed productivity gains.