According to a World Bank report, global economic growth is under threat. According to the report, global economic growth will fall to 4.1 percent in 2022 and 3.2 percent in 2023. This decline will be due to new threats from variants of Corona and an increase in inflation, debt, and income inequality. Global economic growth has been at 5.5 percent in the year 2021.
According to the World Bank's latest Global Economic Prospects report, after a strong uptick in 2021, the global economy is entering a clear recession amid new threats from the COVID-19 variant and rising inflation, debt and income inequality, which are emerging and could endanger the path of developing economies to get back on track.
"The world economy simultaneously faces COVID-19, inflation and policy uncertainty, with government spending and monetary policies in uncharted territories," World Bank Group President David Malpass said in a report released Tuesday. Growing inequality and security challenges are particularly harmful to developing countries."
"Concrete international action and broader national policy responses are needed to put more countries on a favorable growth trajectory," Malpass said.
The World Bank said that at a time when governments in many developing economies lack the policy to support activities when needed, the new coronavirus outbreak, persistent supply-chain bottlenecks, and inflationary pressures, and the world's largest High financial vulnerabilities in sectors can increase the risk of a hard landing.
The slowdown between advanced economies and emerging and developing economies will coincide with a wide gap in growth rates. Growth in advanced economies is expected to decline from 5 percent in 2021 to 3.8 percent in 2022 and 2.3 percent in 2023. However, in emerging and developing economies, growth is expected to fall from 6.3 percent in 2021 to 4.6 percent in 2022 and 4.4 percent in 2023.
According to the report, "By 2023, all advanced economies will have achieved full production recovery while output in emerging and developing economies will remain 4 percent below their pre-pandemic trend."
The blow is even bigger for many vulnerable economies. Fragile and conflict-ravaged economies will produce 7.5 percent below their pre-pandemic trend, and small island states will output 8.5 percent.
Coronavirus infection cases have been a cause of concern in India for the last month. On Tuesday
The depreciation of the Indian rupee continues due to the strengthening of the dollar. In the ear
Bhuvneshwar Kumar created history in the GT vs RCB match, equaling Dwayne Bravo's IPL record
Royal Challengers Bangalore (RCB) suffered their first defeat of IPL 2025. They lost the match by
The Reserve Bank of India on Tuesday announced the launch of the first pilot project of the retai
Amid the economic crisis in Pakistan, the people of Gilgit Baltistan have been protesting against
Vande Bharat Express is expanding rapidly across the country. Now South India is also going to ge
In the Canadian province of Ontario, some miscreants vandalized the statue of Mahatma Gandhi in R
The monsoon is slowly starting to weaken. Monsoon is likely to depart in the next few days. It is
In the last 24 hours, 2,745 new corona cases have been reported in the country, and 6 died. At th
In Pakistan's Punjab Assembly, Imran's party leaders slapped the deputy speaker, pulled hair too
In the Punjab Assembly of Pakistan, on Saturday, the leaders of Imran Khan's party PTI broke the
