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    The World Bank expects global growth of 5.7% in 2021 and 4.4% in 2022.

    According to Group President David Malpass, the World Bank expects global growth of 5.7% in 2021 and 4.4% in 2022. report. Data show that global activity is slowing as supply chain bottlenecks persist and COVID-19 surges.

    Global recovery remains dramatically uneven, developing with delayed vaccination rates, rising inflation, limited policy support, lack of work, and shortages of food, water and electricity. The outlook is bleak for many of the countries, he said.

    Recovery inequality is exacerbating among groups of countries. Per capita income in developed countries is expected to increase by almost 5% in 2021, but only 0.5% in low-income countries, he said.

    According to group president David Malpas, the World Bank said at a media roundtable at its annual meeting that it was similar to the June forecast, 5.7% in 2021 and 4.4% in 2022. We anticipate great growth. Data show that global activity is slowing as supply chain bottlenecks persist and COVID-19 surges.

    Many developing countries will take years to reach pre-pandemic income levels. Even after a two-year recovery, developing economies’ output is expected to be nearly four percent below pre-pandemic forecasts by next year, but developed economies will catch up, he said.

    In the International Development Association (IDA) countries, production remains 5.6% below pre-pandemic forecasts by next year, he said.

    We have witnessed what I call a tragic reversal in many dimensions of development. Progress in extreme poverty reduction has been delayed by years, and in some cases 10 years. He said the median income fell instead of rising.

    Another priority is to address the debt challenges facing many developing countries. The 2022 Annual International Debt Statistics (IDS) report shows that debt owed by low-income countries increased by 12% to reach $ 860 billion.

    As of mid-2021, more than half of the IDA countries (the poorest countries in the world) are in distress or at high risk of external debt.

    Countries need a comprehensive approach, including debt reduction, rapid restructuring and increased transparency, to assess and manage external debt risk and address sustainable debt levels and conditions. He added that these are the foundations for supporting healthcare systems, education and infrastructure to generate growth, investment and prosperity.

    Fiber2Fashion News Desk (DS)

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    The World Bank expects global growth of 5.7% in 2021 and 4.4% in 2022.

    Source link The World Bank expects global growth of 5.7% in 2021 and 4.4% in 2022.

    The post The World Bank expects global growth of 5.7% in 2021 and 4.4% in 2022. appeared first on Eminetra.

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