The World Bank cut its forecast for global growth in 2022 by almost one percentage point, to 3.2% from 4.1%, due to the negative impact of Russia’s invasion of Ukraine, as announced by the president of the bank, David Malpass today, Reuters reports,
In a teleconference with reporters, Malpass said the World Bank was responding to the challenges posed by the war in Ukraine by proposing a new $ 170 billion 15-month financial target with $ 50 billion in funding over the first three months.
He said that the factor that contributed most to the downward revision of global growth was the shrinkage of the Europe-Central Asia region by 4.1%. This region includes Ukraine, Russia and neighboring countries.
The World Bank also cut its growth forecasts in many developing countries due to rising food and energy prices caused by the war in Ukraine and lockdowns in China.
Source: Capital
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