WB forecasts global economic growth of 2.9% in 2022

The World Bank (WB) has revised its forecast for the future development of the global economy this year, Report informs, citing the June issue of the WB's Global Economic Prospects.

Global growth is expected to slump from 5.7 percent in 2021 to 2.9 percent in 2022— significantly lower than the 4.1 percent that was anticipated in January. It is expected to hover around that pace over 2023-24.

"The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries, a recession will be hard to avoid," said World Bank President David Malpass.

"Markets look forward, so it is urgent to encourage production and avoid trade restrictions. Changes in fiscal, monetary, climate, and debt policy are needed to counter capital misallocation and inequality," he added.