Inflation and War
The World Financial Institution warned on Tuesday that the hope of avoiding a recession is fading for both large and small countries around the world.
“Recession will be difficult to avoid for many countries,” said the bank’s chairman, David Malpass.
The grinding conflict in Ukraine, ongoing supply chain chokepoints, Covid-related lockdowns in China, and dizzying rises in energy and food prices are battering economies all along the earnings ladder, saddling them with slower progress and surging inflation.
International growth is expected to slow to 2.9 percent this year, down from 5.7 percent in 2021.
In 2023, development is expected to remain subdued. According to the report, development in the 2020s is expected to be lower than in the previous decade.
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