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World Bank: Global GDP to drop to 4.1% amid surge Covid variants ,inflation

The World Bank’s latest report, Global Economic Prospects, indicates that after a strong rebound in 2021, the global economy will face a slowdown as the threat of new variants of Covid, rising inflation, global debt and income inequality will pose barriers to recovery New emerging variants of Covid19 and rising inflation, debt and income inequality will cause overall global GDP to fall by 5.5% in 2021 to 4 .1% in 2022, according to a World Bank report.

The World Bank’s latest report, Global Economic Prospects, indicates that after a strong rebound in 2021, the global economy will face a slowdown as the threat of new variants of Covid, rising inflation, global debt and income inequality will be obstacles to economic recovery. The global economy is facing COVID19, inflation and political uncertainty simultaneously, with government spending and monetary policies in uncharted territory. Growing inequalities and security challenges are particularly damaging for developing countries,” said World Bank Group President David Malpass.

The World Bank on Tuesday maintained its forecast for Indian GDP growth for FY22 at 8.3%, according to its Global Economic Prospectus report.Additionally, the Washington-based agency updated its forecast for FY23 and FY24 to 8.7% and 6.8%, respectively. The global agency strengthens its forecasts for economic growth in the United States, the euro zone and China and warns that high debt levels, growing income inequality and new variants of Covid19 threaten the recovery in the economies in development in development.

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