World Bank slashes global growth forecast to 2.9%, warns of 'stagflation' risk

Summary by Ground News

The World Bank slashed its global growth forecast by 1.2 percentage points to 2.9% for 2022 and stated that Russia's invasion of Ukraine has compounded the damage from the COVID-19 pandemic. For the United States alone, the World Bank has slashed its growth forecast to 2.5%. The agency doesn't foresee a much brighter picture in 2023 and 2024.

2 months ago·Washington, United States

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Times of India

World Bank slashes global growth forecast to 2.9%, warns of 'stagflation' risk

World Bank President David Malpass said global growth was being hammered by the war, fresh COVID-19 lockdowns in China, supply-chain disruptions and the risk of stagflation, a period of weak growth and high inflation last seen in the 1970s.

2 months ago·Mumbai, India

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BBC News

World Bank warns of recession risk due to Ukraine war

Countries around the world, including many in Europe, are expected to face recession, the bank says.

2 months ago·United Kingdom

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Reuters

World Bank slashes global growth forecast to 2.9%, warns of 'stagflation' risk

The World Bank on Tuesday slashed its global growth forecast by nearly a third to 2.9% for 2022, warning that Russia's invasion of Ukraine has compounded the damage from the COVID-19 pandemic, and many countries now faced recession.

2 months ago·United Kingdom

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The Guardian

Return to the 70s: World Bank warns of weak growth and high inflation | Global economy | The Guardian

Stagflation feared as global economy suffers fallout from Covid pandemic and Russian invasion of Ukraine

2 months ago·London, United Kingdom

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Global News

‘Recession will be hard to avoid’ for many countries, World Bank president warns - National | Globalnews.ca

The World Bank downgraded its outlook for the global economy, pointing to the Russia-Ukraine war, the prospect of food shortages and the potential return of "stagflation."

2 months ago·Toronto, Canada

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The Independent

World Bank dims outlook for global economy amid Russia war

The World Bank has sharply downgraded its outlook for the global economy, pointing to Russia’s war against Ukraine, the prospect of widespread food shortages and concerns about the potential return of “stagflation” — a toxic mix of high inflation and sluggish growth unseen for more than four decades

2 months ago·London, United Kingdom

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