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- World Bank slashed the global economic growth forecast for 2022 due to the Russia-Ukraine conflict, supply chain disruption and other factors. It added that many countries are likely to face recession.
- In its Global Economic Prospects report, the bank said, the world economy is expected to experience its sharpest deceleration following an initial recovery from global recession in more than 80 years.
- It has been predicted that the world economy will expand 2.9% this year. It will be down from last year's 5.7% global growth and from the 4.1% it had forecast for this year back in January.
- World Bank’s president David Malpass said, the war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries, recession will be hard to avoid, he added.
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Published date : 08 Jun 2022 06:19PM
