The World Bank lowered its annual global growth forecast to 2.9% from January's 4.1%, marking a decline from 2021's global growth of 5.7%.
In a new report, the World Bank blamed damage from the COVID-19 pandemic, magnified by the Russian invasion of Ukraine, for the slowdown in the global economy. Further, the report warned the global economy is entering what could become a "protracted period of feeble growth and elevated inflation" known as stagflation, which will mainly harm developing economies.
"The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth," said World Bank President David Malpass. "For many countries, recession will be hard to avoid."
References
- Global Economic Prospects June 2022worldbank.org
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