World Bank cuts 2022 global economic growth forecast to 2.9%

The World Bank released the latest "Global Economic Outlook" report on the 7th, saying that due to the Russian-Ukrainian conflict intensifying the impact of the new crown epidemic on the global economy, the global economic growth in 2022 is expected to be lowered to 2.
9%, with the risk of stagflation
.
In April, the World Bank lowered its forecast for global economic growth this year to 3.
2 percent from 4.
1 percent in January
.

The report pointed out that the international conflict has caused a severe slowdown in regional economic growth, which has brought considerable global negative spillover effects, amplifying the problems caused by the epidemic such as supply chain bottlenecks and soaring inflation
.
Global inflation is expected to peak in mid-2022, but remain elevated, amid surging food and energy prices, rebounding demand and persistent supply chain bottlenecks
.

At the same time, since the beginning of this year, the global economic growth rate is expected to decline sharply.
The annual growth rate is expected to slow sharply from 5.
7% in 2021 to 2.
9% this year, and the growth rate from 2023 to 2024 will also hover around 3%.

.

The report predicts that global economic growth will remain below the 2010-2020 average in the next few years
.
The global economy could enter a period of prolonged weak growth and high inflation
.
Contrasting the current global economic situation with the "stagflation period" of the 1970s, the report warns of potentially harmful consequences for low- and middle-income economies from the increased risk of stagflation
.

World Bank President Malpass believes that the global economy is again at risk and that a recession will be "hard to avoid" for many countries
.
He called for encouraging production and avoiding trade restrictions to safeguard food and energy supplies
.