World Bank cuts 2022 global growth forecast

Global gross domestic product will probably increase 4.1% this year, less than a 4.3% forecast in June, the Washington-based development organization said in its semi-annual Global Economic Prospects report Tuesday. By 2023, annual output is expected to remain below the pre-pandemic trend in all regions with emerging-market and developing economies, while in advanced economies, the gap is estimated to close, it said.

The global outlook is clouded by what World Bank Group president David Malpass termed “exceptional uncertainty.” Downside risks include renewed Covid-19 outbreaks, the possibility of de-anchored inflation expectations, and financial stress in a context of record-high debt levels, the bank said. In advanced economies, high vaccination rates and sizable fiscal support have helped cushion some of the adverse economic impacts of the pandemic. In contrast, the pace of recovery for emerging nations has been further damped by waning policy support and a tightening of financing conditions.The bank trimmed its outlook for the US economy this year by half a percentage point to 3.7%, and cut its forecast for China’s economic expansion by 0.3 percentage point to 5.

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