Entire world Bank Issues Grim Financial Forecast

A global economy is facing poor growth and high inflation, the report says

The World Bank (WB) has cut the global growth projection for this year from 4. 1% to 2 . 9%, warning that many countries are likely to face recession.

“ Amid the war in Ukraine, surging inflation, and rising interest rates, global economic growth is anticipated to slump in 2022, ”   the Tuesday press release said.  

“ Several years of above-average inflation and below-average growth are now likely, with possibly destabilizing consequences for low- and middle-income economies. May phenomenon – stagflation – that the world has not noticed since the 1970s. ”

According to WB Chief executive David Malpass,   “ for many countries, recession will be hard to avoid. ”

The institution stated that after halving from 5. 7% in 2021, development would be stuck at 3% in both 2023 and 2024 as the Russia-Ukraine conflict affected investment and trade, the particular pent-up demand from the outbreak faded, and policy assistance was withdrawn.

The report highlighted that the slowdown in growth in between 2021 and 2024 was on course to be twice that of the period between 1976 and 1979. The recovery from the stagflation of the 1970s required steep increases in interest rates in the West, it mentioned. Those  “ played a prominent role in triggering a string of financial crises in emerging market and developing economies. ”

According to the report, both rich and poor countries would be hit with the growth slowdown, but creating and emerging market economies are the most vulnerable. Development in advanced economies had been forecast to decline through 5. 1% to second . 6% this year, while in growing and developing countries it is expected to drop from six. 6% to 3. 4%.

“ Just over two years after Covid-19 caused the deepest global recession since World War II, the world economy is again in danger … Even if a global recession is averted, the pain of stagflation could persist for several years – unless major supply improves are set in motion, ”   said the report.

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