Daily Management Review

World Bank lowers global economic growth forecast for 2022


The World Bank has cut its global economic growth expectations for 2022 from 4.1 percent to 3.2 percent, said David Malpass, the organization's president.

allen watkin
allen watkin
Mr. Malpass expects that growth would decelerate due to the situation in Ukraine, Chinese lockdowns due to the coronavirus, rising oil, fertilizers, and food prices, and a high likelihood of rising interest rates.

The World Bank increased its projection for economic development in Europe and Central Asia in the first half of April, despite the war in Ukraine.

According to the organization's forecasts, the region's economy will contract by 4.1 percent by 2022. Russia's GDP is expected to decline by 11.2 percent, while Ukraine's GDP will shrink by 45.1 percent, according to the bank.

source: worldbank.org