World Bank Changes Its Forecast

World Bank Changes Its Forecast

(FeaturedNews.com) – The World Bank updated its economic forecast for 2022, reducing the amount of predicted growth by nearly a point. The war in Ukraine leads the list of reasons for the bleak revision. Reuters reported that the bank wants to put forth a $170 billion “crisis envelope” over 15 months to help right the ship.

Bank President David Malpass said the multiple worldwide crises will require continued attention. The forecasted drop in growth, from 4.1% to 3.2%, is definitely indicative of a world in unrest. The war in Ukraine continues to disrupt energy and food supply lines. Inflation is unanchored and seemingly out of control. The COVID-19 pandemic continues to take a toll on world economies, and climate change concerns become more prevalent every year.

The billions in crisis financing will go to help aid counties taking in Ukrainian refugees and those experiencing food shortages as a result of the war in Europe. The money comes on the heels of another $160 billion in funds to help deal with the pandemic.

The International Monetary Fund also cut its global growth forecast. Malpass said the World Bank and IMF member countries will continue to work together to address ongoing global issues, specifically the war in Ukraine.

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