World Bank: global economic growth this year could be the lowest in 30 years

The World Bank has lowered its forecast for global economic growth from 3 percent to 1.7 percent.
This is the lowest it has been in 30 years, not counting the crisis years of 2009 and 2020.

The war in Ukraine and interest rate hikes by national central banks have pushed many countries to the brink of recession. The growth rate of the industrialised countries will fall. The growth rate for the US and European countries is 0.5 per cent, the report says.

There are also fears that a global recession could be triggered by unexpected shocks, such as another geopolitical tension or a new wave of a virus.

Developing countries could face withdrawal problems. These countries are currently suffering from high levels of public debt and a weak national currency.