The World Bank has significantly lowered its outlook for the world economy, pointing out concerns about Russia’s war with Ukraine, the outlook for widespread food shortages, and the potential resurgence of “stagflation.” 40 years.
Poverty alleviation agencies in 189 countries yesterday predicted that the global economy would grow 2.9% this year. This will be down from the 2021 global growth rate of 5.7%, down from the January 2022 forecast of 4.1%.
The agency does not anticipate such a bright situation in 2023 and 2024. It forecasts global growth of only 3% in both years.
In the United States alone, the World Bank lowered its growth forecast for this year from 5.7% in 2021 to 2.5% and from 3.7% in January. For 19 European countries that share the euro currency, we have downgraded this year’s growth outlook from 5.4% last year to 2.5%, down from the January forecast of 4.2%.
In China, the world’s second-largest economy, the World Bank expects growth to drop from 8.1% last year to 4.3%.
