World Bank cuts global growth outlook to 4.1% in 2022

World Bank president David Malpass. REUTERS/FLORENCE LO

“There is there a serious slowdown under way,” Ayhan Kose, the chief economist of the Prospects Group at the institution, said in an interview. The global economy “is basically on two different flight paths: advanced economies are flying high; emerging-market, developing economies are somewhat flying low and lagging behind”.

Malpass said that he’s “cautiously optimistic” that the initiative is at a turning point that will see more useful restructurings. The framework has been plagued by delays and lack of interest from debtor countries since it began in November 2020. 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 5.1%.

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