Growth will slow down, in particular, due to the conflict between Russia and Ukraine and new coronavirus restrictions in China.
The World Bank has lowered its forecast for world economy growth this year from 4.1 to 3.2 percent.
This forecast was published by the director of the organization David Milpass.
According to him, growth will slow down due to the conflict between Russia and Ukraine, new coronavirus restrictions in China, rising prices for fertilizers, energy carriers and a high probability of an increase in interest rates.
Earlier, the World Bank predicted that the economy of Europe and Central Asia would shrink by more than four percent due to the Russian invasion of Ukraine.
Russia’s GDP is expected to shrink by 11 percent, and Ukraine’s by 45 percent.
For the rest of the world, the consequences of the Russian military operation will be associated with the rupture of trade chains and economic ties, as well as an increase in inflation due to the rise in prices of food and energy resources. Russia and Ukraine account for a quarter of the world’s wheat supplies.