Global economic growth will drop from 5.5 per cent in 2021 to 4.1 per cent in 2022 and dip further to 3.2 per cent in 2023 due to fresh threats from COVID-19 variants and a rise in inflation, debt and income inequality, according to World Bank report.
According to the World Bank's latest Global Economic Prospects report, the global economy is entering a pronounced slowdown amid fresh threats from COVID-19 variants and a rise in inflation, debt.
The rapid spread of the Omicron variant indicates that the pandemic will likely continue to disrupt economic activity in the near term.
The slowdown will coincide with a widening divergence in growth rates between advanced economies and emerging and developing economies.
Growth in advanced economies is expected to decline from 5 per cent in 2021 to 3.8 per cent in 2022 and 2.3 per cent in 2023.
(With inputs from ANI)
