Stagflation danger sees World Bank cut global growth outlook
The lender reduced its global growth forecast for 2022 to 2.9% from April’s 3.2% estimate on increased energy and food prices, the war in Ukraine and central banks around the world moving to increase interest rates from all-time lows.
By Ana Monteiro & Eric Martin, Bloomberg News
The World Bank cut its forecast for global economic expansion in 2022 further, warning that several years of above-average inflation and below-average growth lie ahead with potentially destabilizing consequences for low- and middle-income economies.
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