World Bank Revises Global Economic Growth Projection: Details Inside

Economics & Macro

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Viva Budy Kusnandar 09/06/2022 09:50 WIB

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In its June 2022 Global Economic Prospects report, the World Bank revised its projection for global economic growth in 2022 downward to 2.9% from a previous forecast of 4.1%.

Global Economic Growth Projections for 2022

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Global Economic Growth Projections for 2022

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In its June 2022 Global Economic Prospects report, the World Bank cut its projection for global economic growth in 2022 to 2.9%, down from a previous forecast of 4.1%.

The World Bank assessed that the Russian invasion of Ukraine exacerbated the global economic slowdown, which had not yet fully recovered from the impact of the Covid-19 pandemic.

The world economy is now predicted to enter a prolonged period of weak growth alongside rising inflation.

“The war in Ukraine, lockdowns in China, supply chain disruptions, and the risk of stagflation have suppressed growth. For many countries, recession will be hard to avoid,” said World Bank President David Malpass in a press release on Tuesday, June 7, 2022.

Breaking down the projections by region, the World Bank revised its economic growth projection for South Asia to 6.8% in 2022, lower than the previous projection of 7.6%.

The growth projection for East Asia and the Pacific was cut to 4.4% from 5.1%.

The European and Central Asian region is projected to contract by 2.9% this year, a reversal from the previous projection of 3% growth.

The Latin American and Caribbean economy is projected to grow by 2.5%, slowing from the previous projection of 2.6%.

Meanwhile, the Middle East and North Africa economy is projected to grow by 5.3%, higher than the previous projection of 4.4%.

Similarly, the Sub-Saharan African economy is predicted to grow by 3.7% this year, higher than the previous projection of 3.6%.

The following are the World Bank's June 2022 projections for global economic growth in 2023:

* World: 3.00%
* East Asia and Pacific: 5.20%
* Europe and Central Asia: 1.50%
* Latin America and the Caribbean: 1.90%
* Middle East and North Africa: 3.60%
* South Asia: 5.80%
* Sub-Saharan Africa: 3.80%

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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World Bank Revises Global Economic Growth Projection: Details Inside

World Bank Revises Global Economic Growth Projection: Details Inside

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World Bank Revises Global Economic Growth Projection: Details Inside

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