The World Bank is warning the war in Ukraine is combining with other risk factors to create a 'perfect storm' and recession will be 'hard to avoid'.
The World Bank has warned the hopes of averting recession for all countries will fade the longer the war in Ukraine continues.The World Bank has dropped global growth rates to 2.9 per cent, down on the 4.1 per cent it had predicted in JanuaryThe agency also predicts 3 per cent global growth for2023 and 2024The agency has now predicted the world economy will expand 2.9 per cent this year, but that's down on the 4.1 per cent it had forecast back in January.
The sharp downgrade for the world's economy is also based on the potential return of "stagflation" — a toxic mix of high inflation and sluggish growth unseen for more than four decades.
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