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.
Terrorism, peacekeeping, action on climate change, and equitable distribution of COVID vaccines w
Phulwari Sharif Terror Module Case: The National Investigation Agency (NIA) has registered two ca
Every cricketer has his bad times, which all players accept. But what can we say about
The year 2022 is going to be very special for OTT platforms. Many big Bollywood stars will hit th
Union Minister Smriti Irani once again held a press conference today i.e. on Wednesday, regarding
The Indian team won the Asia Cup 2025 title by defeating Pakistan by 5 wickets in the final. Foll
India defeated Australia in the semi-finals of the Champions Trophy 2025 and knocked them out of
Congress was the first to register its objection to the use of 'President of India' in place of '
Industry: Worst performance of Indian industry, industrial production down to 26-month low
The country's industrial production declined by 4 percent in October due to the weak performance
The unemployment rate in India reached the highest level of 8 percent in the last three months in
