The global economy is growing steadily in the face of war, protectionist trade policies and high interest rates. It just isn’t growing fast enough to bring relief to the world’s poorest, the World Bank said Thursday in its latest assessment of the global economy.

Global economic growth is set to steady this year and next, but remain weak and below rates that would enable poor countries to narrow the income gap with rich ones as quickly as they did earlier in the century,

Global growth is expected to hold at an annual rate of 2.7 percent for the next two years, the same as in 2024, the bank’s economists said.

The World Bank on Thursday warned that U.S. across-the-board tariffs of 10% could reduce already lackluster global economic growth of 2.7% in 2025 by 0.3 percentage point if America's trading partners retaliate with tariffs of their own.