Highlights

  • Higher inflation is one of the main reasons that the global economy is struggling
  • World Bank expects the world economy to grow by just 1.7% this year- a sharp decrease from the 3% it predicted in June

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Global economy 'perilously close' to recession: World Bank

After surging 5.3% in post-pandemic 2021, growth in the world's richest economies is likely to sharpy slow from 2.5% in 2022 to just 0.5% this year 

In what comes as a grim warning of the times to come, the World Bank has said that the global economy is "perilously close to falling into recession". It expects the world economy to grow by just 1.7% this year - a sharp decrease from the 3% it predicted in June last year.

The report attributes this decline to a number of factors including the repurcussions of Russia's invasion of Ukraine and the impact of the pandemic. With US, Eurozone and China, all undergoing a period of pronounced weakness, the report also says that the effects of higher interest rates will be a key challenge facing policymakers

With a forecast of a 6.6% growth for the next fiscal year, World Bank says that India is expected to be the fastest-growing economy of the seven largest emerging markets and developing economies.

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