World Bank Lowers Forecast For Global Economy, Warns Of Stagflation
The World Bank lowered its forecast for global economic growth this year, warning that several
years of above average inflation and below average growth are likely ahead.
The Washington-based organization reduced its estimate for global growth this year to 2.9%
from 4.1% previously due to a surge in energy and food prices, supply disruptions triggered by
Russia’s invasion of Ukraine, and a drive by central banks to increase interest rates.
The global economy expanded 5.7% in 2021 after the COVID-19 pandemic triggered the
deepest global recession since World War II.
“The world economy is again in danger,” President David Malpass said in a news release. “It is
facing high inflation and slow growth at the same time. Even if a global recession is averted, the
pain of…
