Print Magazine
Brussels Morning Newspaper
Wednesday, June 29, 2022
No Result
View All Result
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
No Result
View All Result
Home Economy

Global economic growth to slow down in 2022, 2023 – World Bank

Nikola Kiš by Nikola Kiš
11 January 2022
in Economy
Businessman,With,Mask,,Analysis,Corona,Virus,Economic,Impact,,Crisis,And

Businessman with mask, Analysis corona virus economic impact, crisis and economic financial conditions in the global due sinks stock exchanges, Stocks fall, Effects of outbreak and pandemic covid-19

Share on FacebookShare on Twitter

Brussels (Brussels Morning) The latest report of the World Bank (WB) predicts that growth of the global economy is to slow down this year and next.

In the report released on Tuesday, the WB pointed out that uncertainty and income inequality are the main reasons why growth is expected to slow down in the coming years, DW reports.

The coronavirus crisis disrupted global supply chains and affected almost all parts of life, with businesses closing and poverty increasing after decades of decline, the report states.

Despite disruptions, the global economy grew roughly 5.5% last year, but the WB stressed in its Global Economic Prospects report that the year ahead does not look as promising.

It expects global GDP to slow to 4.1% this year and then further to 3.2% the following year, and cites among negative risks for the near term high costs of shipping, energy and food, as well as soaring inflation.

According to The WB, developed economies such as those of the EU, the US, Australia, Israel, Japan and South Korea will drive growth this year since they all expect to reach pre-pandemic levels of output soon.

Inequalities to deepen

The bank added that most developing economies will lag behind due to “lower vaccination rates, tighter fiscal and monetary policies, and more persistent scarring from the pandemic.”

It pointed to uncertainty as the main obstacle to growth insofar as changing epidemiological trends and policies aimed at curbing the spread of coronavirus make planning next to impossible.

The WB also said that unprecedented government spending presents additional risks, given that governments took on large amounts of debt. Global debt reached 263% of global GDP, the highest level in the last 50 years or so, the report observed.

It predicted that roughly one half of the economies in sub-Saharan Africa, North Africa, the Middle East, East Asia and Latin America will not reach their respective 2019 GDP per capita levels by the end of this year.

On the other hand, developed economies are expected to recover faster and reach pre-pandemic levels this year, a development that will serve to deepen inequalities.

Overall, the WB urged focusing on “growth-enhancing policy interventions to promote green, resilient and inclusive development and on reforms that broaden economic activity to decouple from global commodity markets.”

Tags: Main-SliderWorld Bank (WB)World-Feature

Latest post

Ansongo,,Mali,-,December,2015,:,Daily,Life,Of,French

Report reveals deep links between Airbus and Chinese military industry

5 hours ago
EU’s urban population at risk due to heavy air pollution, EEA says

EU to ban sale of new internal combustion cars in 2035

8 hours ago

Most Read

  • These are the 10 highest paying jobs in the Europe in 2022

    These are the 10 highest paying jobs in the Europe in 2022

    0 shares
    Share 0 Tweet 0
  • What Are The Highest Paying Jobs In Luxembourg?

    0 shares
    Share 0 Tweet 0
  • Energy Recovery Fund

    0 shares
    Share 0 Tweet 0
  • What Are The Highest Paying Jobs In Finland?

    0 shares
    Share 0 Tweet 0
  • A taste of Croatian flavors of the diplomacy in Brussels

    0 shares
    Share 0 Tweet 0
Facebook Twitter Youtube LinkedIn

About Us

Brussels Morning is a daily online newspaper based in Belgium. BM publishes unique and independent coverage on international and European affairs. With a Europe-wide perspective, BM covers policies and politics of the EU, significant Member State developments, and looks at the international agenda with a European perspective.

Category

  • Ambassador’s Corner
  • Belgium News
  • Brussels
  • Commission
  • Council
  • Culture and Society
  • Diplomacy
  • Economy
  • EU Institutions
  • Europe
  • Europe With Transparency
  • Features
  • In Depth
  • Member States
  • Middle East Eye
  • Opinion
  • Our pick
  • Parliament
  • Place de la Bourse
  • Southeast Europe
  • Sustainable Perspective
  • The American Angle
  • The Macro-Economist
  • Uncategorised
  • US Elections
  • World

More info

  • About Us
  • Advertising
  • Cookies Policy
  • Contact Us
  • FAQ
  • Jobs

Brussels Morning Newspaper - All Rights Reserved © 2020

No Result
View All Result
  • Home
  • About Us
  • EU Institutions
    • Parliament
    • Commission
    • Council
  • Europe
  • World
  • Member States
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • Europe With Transparency
    • Place de la Bourse
    • The Macro-Economist
    • Sustainable Perspective
    • The American Angle
    • Southeast Europe
  • Print Magazine

Brussels Morning Newspaper - All Rights Reserved © 2020

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT