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World Bank forecast growth in advanced economies to fall to 2.6% in 2022 from 5.1% in 2021 while emerging market and developing economies’ growth is expected to drop to 3.4% in 2022 from 6.6% in 2021.

World Bank forecasts lower global growth amid high inflation

World Bank reduced its global growth forecast on Tuesday, warning that many countries could fall into recession

By Shubhangi Mathur
Published - Jun 07, 2022, 06:25 PM ET
Last Updated - Mar 04, 2024, 07:49 AM EST

• Global economic expansion is expected to fall to 2.9% this year compared to 5.7% in 2021

The World Bank reduced its global growth forecast on Tuesday, warning that many countries could fall into recession.

According to the Global Economic Prospects report, global economic expansion is expected to fall to 2.9% this year compared to 5.7% in 2021 and lower than the forecast of 4.1% in January.

The global economy is facing the risk of stagflation as most countries are experiencing high inflation, the report said.

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