GANDHINAGAR, India (Reuters): The world economy is in a difficult place but it is not destined to stay there, World Bank President Ajay Banga said on Monday.

The World Bank last month cut its 2024 forecast for global economic growth to 2.4 per cent from 2.7 per cent earlier, citing global monetary tightening.

“The fact is that the world economy is in a difficult place. It has outperformed what everybody has thought but it won’t mean there won’t be more challenges,” Banga said on the sidelines of a G20 meeting in the Indian city of Gandhinagar.

“Forecast is not equal to destiny. We can change destiny, that’s what we should think of right now,” Banga said.