World Bank sees sharp slowdown for global economy, cutting forecasts for US and China

The World Bank on Tuesday cut its forecasts for economic growth in the United States, the Euro area and China and warned that high debt levels, rising income inequality and new coronavirus variants threatened the recovery in developing economies.It said global growth is expected to decelerate “markedly” to 4.1 per cent in 2022 from 5.5 per cent last year, and drop further to 3.2 per cent in 2023 as pent-up demand dissipates and governments unwind massive fiscal and monetary support provided…

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