The World Bank Group has lowered its projection for the rate of global economic growth in 2022 from 4.1 per cent to 3.2 per cent, President David Malpass said on Monday.
"We've lowered our 2022 growth rate to 3.2 per cent from 4.1 per cent before," Malpass said.
The World Bank Group President explained the reason for lowering the projection is that people are facing reduced commercial activity and trade, and the debt crisis and currency depreciations have placed a heavy burden on the poor.
Moreover, Malpass also underscored that people around the world are facing reversals in development from education, health and gender equality.
Malpass added that he is particularly concerned about the developing countries having difficulties in dealing with sudden price increases for energy, fertilizer, food and the likelihood of interest rate increases.
Many discussions will be held this week on these topics, Malpass said but did not provide any additional details. (ANI/Sputnik)
( With inputs from ANI )
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