A bleak future promised to the global economy

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World Bank: Global GDP Growth To Slow To 4.1 Percent In 2022

A bleak future promised to the global economy

Photo: Brendan McDermid / Reuters

World Bank experts have pledged a bleak future to the global economy as the fallout from the COVID-19 pandemic continues to negatively impact recovery, especially in poor countries. It is reported by “BBC”.

According to analysts, in 2022, global GDP growth will slow down to 4.1 percent, and in 2023 – to 3.2 percent. This trend is explained by the threat of a large-scale spread of the coronavirus, growing inflation and the curtailment of government support programs. At the same time, the World Bank noted, the multidirectional economic recovery makes it difficult for countries to cooperate in solving global problems such as climate change.

The driving force behind the global recession is China, where growth is expected to fall to 8 percent to 5.1 percent, and the United States, where growth is projected to be 3.7 percent this year, up from 5.6 percent in 2021. In the eurozone, growth will slow from 5.2 to 4.2 percent, the bank predicts.

In a recent report from the World Economic Forum (WEF), the most serious challenge for society at the moment remains the economic stagnation triggered by the waves of COVID-19. The WEF believes that the volume of world GDP by 2024 will decrease by 2.3 percent compared to the pre-pandemic indicator. Experts fear that the global economy could split apart due to labor market imbalances and growing inequality in education.

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