China News Service, June 8. On June 7, local time, the World Bank's latest "Global Economic Outlook" report lowered its forecast for global economic growth in 2022 to 2.9%, far below the 4.1% expected in January this year.
The "Global Economic Outlook" pointed out that in the context of the global economy being hit hard by the new crown epidemic, the Russian-Ukrainian crisis has made the situation worse and exacerbated the slowdown in global economic growth.
At present, the global economy may enter a "stagflation period" of "low growth and high inflation".
The World Bank forecasts that global economic growth will decline from 5.7% in 2021 to 2.9% in 2022, and that growth will remain at this level from 2023 to 2024.
Affected by the epidemic and war, the per capita income of developing economies in 2022 will be nearly 5% lower than before the outbreak.
"The Russian-Ukrainian crisis, the new crown epidemic, supply chain disruptions and the risk of stagflation are hitting economic growth hard. For many countries, a recession will be inevitable." World Bank President David Malpass said that in order to solve capital Misallocation and inequality issues require changes in multiple policy areas including fiscal, monetary, climate and debt.
The report also forecasts that economic growth in advanced economies will drop sharply to 2.6% in 2022 from 5.1% in 2021, 1.2 percentage points lower than the January forecast.
Economic growth in emerging market and developing economies (EMDEs) will also slow to 3.4% in 2022 from 6.6% in 2021, well below the 4.8% average annual growth rate from 2011-2019.
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