The World Bank cuts its economic forecast due to a perilous close to falling into recession.
BBC reports that it expects the world economy to grow by just 1.7 per cent this year – a sharp decrease from the 3 per cent it predicted in June.
World Bank president David Malpass says the downturn would be broad-based and growth in people’s earnings in almost every part of the world was likely to be slower than it was during the decade before Covid-19.
The World Bank says the US, the Eurozone and China – the three most influential parts of the world for economic growth – were all undergoing a period of pronounced weakness, a downturn that was worsening the problems faced by poorer countries.