Australian shares are poised to open higher. $A steady after shock RBA rate rise.
The global rebound from the pandemic is history. In a Global Economic Prospects report, the World Bank said the world economy would expand at 2.9 per cent in 2022 far slower than last year’s 5.7 per cent pace.“Just over two years after COVID-19 caused the deepest global recession since World War II, the world economy is again in danger. This time it is facing high inflation and slow growth at the same time.
In a foreword for the 176-page report, Malpass also said “the danger of stagflation is considerable today”. “Between 2021 and 2024, global growth is projected to have slowed by 2.7 percentage points—more than twice the deceleration between 1976 and 1979. Subdued growth will likely persist throughout the decade because of weak investment in most of the world. With inflation now running at multi-decade highs in many countries and supply expected to grow slowly, there is a risk that inflation will remain higher for longer than currently anticipated.
“There is good reason to expect that, once the war in Ukraine stops, efforts will redouble—including by the World Bank Group—to rebuild the Ukrainian economy and revive global growth. “In the meantime, policymakers everywhere must fight the world’s other development crises: the catastrophe of higher food and energy prices, the threat of stagflation, the rise in inequality and instability, climate change, and the growing overhang of debt.”
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