The World Bank slashed its estimate for global economic growth to 2.9 percent, 1.2 percentage points below the January forecast, due to the Russian invasion of Ukraine which has caused a severe downturn.
“The world economy is expected to experience its sharpest deceleration following an initial recovery from global recession in more than 80 years,” the bank said Tuesday in its Global Economic Prospects report.
The slowdown comes after growth recovered to 5.7 percent in 2021 following the downturn caused by the Covid-19 pandemic
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