World Bank: Lowers 2022 global growth forecast to 2.9% from 4.1% in January

The World Bank lowered their forecast for global growth in 2022 on Tuesday to 2.9% from their 4.1% estimate put out in January, Reuters reported. The World Bank said that the Ukraine war will reduce per capita income in developing economies by 5.0% from their pre-Covid-19 trend. 

World Bank President David Malpass said that the risks of stagflation, the Russo-Ukraine war, and lockdowns in China have been hammering growth and that a recession will be hard to avoid for many countries. Meanwhile, though global inflation is expected to moderate next year, it will likely remain above target in many economies.