World Bank lowers global growth forecast for 2022
World Bank (WB). (Photo: THX/VNA)
In the Global Economic Outlook report, on June 7, the World Bank (WB) revised down global growth forecast for 2022, from 4.1% to 2.9%.
“Global growth is expected to slow from 5.7% in 2021 to 2.9% in 2022 – significantly lower than the 4.1 percent predicted in January,” the report states. via”.
According to the World Bank’s report, the Russian economy will shrink by 8.9% this year and 2% in 2023. The report highlights: “The Russian economy is forecast to contract by 8.9% in 2022, reflecting reflects a sharp drop in domestic demand and a drop in exports. GDP of Russia is expected to continue to decline by 2% in 2023, due to the impact of the embargo on operations oil export of Russia for net exports.”
Also according to the report, Ukraine’s GDP is down 45% this year. The World Bank predicts that four other economies in the region, including Belarus, Kyrgyzstan, Moldova and Tajikistan, will contract in 2022.
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