The World Bank announced that it is downgrading the 2022 global economic growth forecast from 4.1% to 3.2%. The decrease is driven largely by the "overlapping crises [of] COVID-19, inflation and Russia's invasion of Ukraine," said World Bank President David Malpass at a media roundtable. "I'm deeply concerned about developing countries," he continued. "They're facing sudden price increases for energy, fertilizer, and food, and the likelihood of interest rate increases. Each one hits them hard. These, plus the war in Ukraine and China's COVID-related shutdowns, are pushing global growth rates even lower and poverty rates higher."
Inflation Global Economy Ukraine-Russia War COVID-19 World Bank
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