The global economy will come “perilously close” to a recession this year, led by weaker growth in all the world’s top economies—the United States, Europe and China—the World Bank warned on Tuesday. Know more:
WASHINGTON—The global economy will come “perilously close” to a recession this year, led by weaker growth in all the world’s top economies—the United States, Europe and China—the World Bank warned on Tuesday.
“Russia’s invasion of Ukraine has added major new costs,” World Bank President David Malpass said on a call with reporters. “The outlook is particularly devastating for many of the poorest economies where poverty reduction is already ground to a halt and access to electricity, fertilizer, food and capital is likely to remain limited for a prolonged period.”
Along with seeking new financing so it can lend more to poorer countries, Malpass said, the World Bank is, among other things, seeking to improve its lending terms that would increase debt transparency, “especially for the rising share of poor countries that are at high risk of debt distress.”
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