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World Bank Warns of Stagflation Risk, Cuts Global Growth Forecast to 2.9%
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wsj.comWASHINGTON—The World Bank sharply lowered its growth forecast for the global economy for this year, warning of several years of high inflation and tepid growth reminiscent of the stagflation of the 1970s.
Citing the damage from the war in Ukraine and the Covid-19 pandemic, the bank said global growth is expected to slump to 2.9% in 2022 from 5.7% in 2021, significantly lower than its January forecast for 4.1% growth. Furthermore, growth is expected to hover around the reduced pace over 2023 and 2024 as the war disrupts human activity, investment and trade while governments withdraw fiscal and monetary support.
Read more on wsj.comAbout this in other media
Inflation is the 'biggest poison' for the global economy as recession risk rises, Deutsche Bank CEO says cnbc.com /1 year ago
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'It could take years': NATO secretary-general warns of a possible lengthy war in Ukraine euronews.com /1 year ago
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