News

World Bank Lowered 2022 Global Growth Forecast on War in Ukraine

0
Close up of laptop computer with glowing forex chart trading interface on blurry background. Market, economy and data exchange concept.

The World Bank downgrades its outlook for global economic growth this year due to Russia’s invasion of Ukraine and is set to mobilize bigger funding than the Covid-19 response.

Source: Bloomberg

DXY up +0.13%, EURUSD down -0.09%

The Washington-based organization has cut its estimate for global growth in 2022 to 3.2% from a January estimate of 4.1%.

The decline was attributable to a downgrade in the outlook for Europe and Central Asia, which include Russia and Ukraine. The global outlook for this year compares with 5.7% growth in 2021.

The World Bank chief stated that he expects to review a new 15-month crisis-response package of nearly $170B to cover April 2022 through June of next year with the bank’s board in the coming weeks.

Malpass’s views and plans emerge ahead of the IMF and World Bank spring meetings happening this week in Washington, whereby inflation and the shock of the Ukraine war are set to feature.

Last month, the World Bank announced a $3B funding package for Ukraine that is expected to be approved and provided over the coming months.

 

fxcoach

Bitcoin Falls to One-Month Low of $38.5K as Tax-Return Deadline Draws Near

Previous article

The US Projected Home Price Increases to Grow in One-Year, Five-Year Outlook Unchanged

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in News