After a rapid recovery from the economic crisis caused by the covid pandemic in 2021, the world economy is expected to grow more slowly this year and in 2023, according to the latest forecasts of the World Bank.
The International Finance Organization, based in Washington, said on Tuesday, January 11, its latest study World Economic Outlook. In a press release, the organization estimates, that after a growth rate of 5.5% in 2021, this year, with the volume of consumption stopped by the pandemic gradually slowing down, the world economy will grow by 4.1% in 2022, but in 2023 – even slower – by 3.2%. Although sluggish, it will also be economic growth.
“At the same time, the global economy is facing cowardice, inflation and political uncertainty, as well as unprecedented government spending and monetary policy. Growing inequality and security challenges are particularly damaging to developing countries, “said David Malpass, president of the World Bank Group.
Rising inflation, which is particularly severe for low-income workers, limits the scope for national monetary policy. Globally and in advanced economies, inflation has been at its highest level since 2008. In the markets of developing countries and developing countries, it has now reached the highest level since 2011, according to the World Bank.