The World Bank, on Tuesday, cuts its economic forecast due to a “perilous” close to falling into recession.
After surging 5.3 per cent in post-pandemic 2021, growth in the world’s richest economies is likely to slow sharply from 2.5 per cent in 2022 to just 0.5 per cent this year.
“Over the past two decades, slowdowns of this scale have foreshadowed a global recession,” the bank warned, adding that it anticipated “a sharp, long-lasting slowdown.” If a global recession were to occur, it would be the first time since the 1930s that there have been two global recessions within the same decade.Higher inflation is one of the main reasons that the global economy is struggling. Global food and energy prices jumped last year as the war in Ukraine led to reduced crop supplies and pushed the West to move away from Russian fossil fuels.The World Bank said it expected the global pace of price rises to slow from 7.6% in 2022 to 5.
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