For large and small nations around the globe, the prospect of averting a recession is fading.
That grim prognosis came in a report Tuesday from the World Bank, which warned that the grinding war in Ukraine, supply chain chokeholds, COVID-19-related lockdowns in China, and dizzying rises in energy and food prices are exacting a growing toll on economies all along the income ladder. This suite of problems is ¡°hammering growth,¡± David Malpass, the bank¡¯s president, said in a statement. ¡°For many countries, recession will be hard to avoid.¡±
World growth is expected to slow to 2.9% this year from 5.7% in 2021. The outlook, delivered in the bank¡¯s Global Economic Prospects report, is not only darker than one produced six months ago, before Russia¡¯s invasion of Ukraine, but also below the 3.6% forecast in April by the International Monetary Fund.
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