WB cuts global economic growth forecast to 3.2 percent

The World Bank has lowered its 2022 global economic growth forecast to 3.2% from 4.1%, Report informs citing RIA Novosti that WB President David Malpass said.

"We have reduced our growth forecast for 2022 to 3.2% from the previous 4.1%," he told reporters.

Among the factors behind the slowdown in economic activity, Malpass cited the events in Ukraine, coronavirus lockdowns in China, rising prices for energy resources, fertilizers, food, and a high likelihood of an increase in interest rates.