Many Countries Will Be Unable to Avoid A Recession
Source: Paul Wiseman The Associated Press
Russia’s invasion of Ukraine has severely disrupted global trade in energy and wheat, battering a global economy that had been recovering robustly from the coronavirus pandemic.
The World Bank has sharply downgraded its outlook for the global economy, pointing to Russia‘s war against Ukraine, the prospect of widespread food shortages and concerns about the potential return of “stagflation” – a toxic mix of high inflation and sluggish growth unseen for more than four decades.
The 189-country anti-poverty agency predicted Tuesday that the world economy will expand 2.9 per cent this year. That would be down from 5.7 per cent global growth in 2021 and from the 4.1% it had forecast for 2022 back in January.
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