World Bank slashes global growth forecast to 2.9%, warns of 'stagflation'

World Bank President said global growth was being hammered by the war, fresh Covid lockdowns in China, supply-chain disruptions and the risk of stagflation, which was last seen in the 1970s

The World Bank on Tuesday slashed its global growth forecast by 1.2 percentage points to 2.9% for 2022, warning that Russia's invasion of Ukraine has compounded the damage from the COVID-19 pandemic, with many countries likely to face recession.

The Russian invasion of Ukraine had magnified the slowdown in the global economy, which was now entering what could become "a protracted period of feeble growth and elevated inflation," the World Bank said in its Global Economic Prospects report.

World Bank President David Malpass said global growth was being hammered by the war, fresh COVID-19 lockdowns in China, supply-chain disruptions and the risk