![]() There, much could depend on Russian President Vladimir Putin’s next move. “There’s Covid-19, inflation and Russia’s invasion of Ukraine,” he said on Monday.ĭeveloping countries, many of which are facing high levels of debt and a plunge in the value of their currencies, as well as soaring food prices, are of particular concern, he added.īreaking it down: Around the world, engines of growth are sputtering as prices rise and the war in Ukraine wreaks havoc on strained supply chains.Įurope, which relies heavily on Russia to meet its energy needs, is especially exposed. ![]() World Bank President David Malpass told journalists that “severe overlapping crises” are weighing on the recovery. The IMF’s latest outlook arrives later Tuesday. What’s happening: The World Bank has slashed its forecast for global growth in 2022 to 3.2% from 4.1%, anticipating a sharp deceleration from estimated growth of 5.5% in 2021.
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