The World Bank cut its global growth forecast Tuesday and warned that the world economy could enter a period of feeble growth and elevated inflation.
Global growth is now projected to decline from its 2021 rate of 5.7% to a lowly 2.9% in 2022, a downward revision from the 4.1% growth it forecasted five months ago, according to the World Bank’s Global Economic Prospects report published Tuesday. The World Bank report further projected growth to remain low through 2023 and 2024 as a result of Russia’s invasion of Ukraine, which has disrupted a wide range of global economic activity.
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