Global Growth Will Be Choked Amid Inflation and War, Says World Bank
For large and small nations around the globe, the hope of averting a recession is fading, the World Bank warned on Tuesday.
The grinding war in Ukraine, ongoing supply chain chokeholds, Covid-related lockdowns in China and dizzying rises in energy and food prices are battering economies all along the income ladder, saddling them with slower growth and surging inflation.
This suite of problems is “hammering growth,” David Malpass, president of the World Bank, said in a statement. “For many countries, recession will be hard to avoid.”