and commodity prices and exacerbated inflationary pressures, upending the fragile recovery from the COVID-19 pandemic.
“This slowdown and the war in Ukraine -- triggering sharp increases in food and fertilizer prices -- will hit the developing countries particularly hard, exacerbating food insecurity and increasing poverty,” the report said. He urged “quick and decisive action” to ensure a steady flow of food and energy supplies to open markets, saying this requires the lifting of export restrictions, releasing surpluses and reserves to countries in need, and addressing the increase in food prices “to calm market volatility.”
The U.S. economy is expected to grow by 2.6% in 2022 and 1.8% in 2023, a significant downward revision from the January forecast, the report said, pointing to stubbornly high inflation, aggressive monetary tightening by the U.S. Federal Reserve and the direct spillover of the war in Ukraine.
Good luck with those numbers.
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