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."
Global Economy World Bank Global Growth

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