World Bank warns of ‘stagflation,’ slashes growth forecast
By DW
08 June 2022 |
2:39 pm
The agency has warned of the risk of 1970s-style stagflation persisting in the coming years amid soaring commodity prices and low growth. Developing countries are expected to be some of the worst hit.
In this article
Related
Related
11 Jun 2022
Germany's Bundesbank has predicted annual inflation of 7.1% as prices spiral upward. The central bank also cut its economic growth forecast, warning that the situation could get worse depending on the war in Ukraine.
16 Jul 2022
Before publishing its newest economic forecast Thursday, the Eurogroup is addressing issues driving policy. Coronavirus, supply chains and Russia's war on Ukraine are just some of the headaches they are dealing with.
31 Jul 2022
The International Monetary Fund (IMF) has cut its global growth forecast to 3.2% amid high inflation and the war in Ukraine, and warned the world could be "teetering on the edge of global recession."
15 Aug 2022
Europe's second-largest river is continuing to dry up, affecting freight barges and even forcing one passenger ferry to halt its operations entirely. But rain is forecast this week.
6 Sep 2022
Nigeria has successfully secured the support from the World Bank with a commitment to help the country phase out petrol subsidies and meet up with its Energy Transition plan. This follows meetings between Nigeria’s Vice President and World Bank Group President David Malpass. Other meetings are currently underway with U.S. officials and development partners.
10 Oct 2022
It is unlikely the world can meet the goal of ending extreme poverty by 2030, a World Bank report found. Experts have said COVID-19 ended years of progress while war and higher prices are now making things worse.
28 Oct 2022
The Covid-19 pandemic and Russia's invasion of Ukraine have reversed three decades of progress in reducing poverty, according to the World Bank, which is warning that the global goal of eradicating extreme poverty by 2030 is now out of reach.
15 Jan
The World Bank says a sharp, long-lasting slowdown is expected to hit developing countries hard this year as the global economy weakens. The bank said this in its latest 'global economics prospects' report, released on Tuesday.
24 Jan
Purported images of Polish state television have circulated on Twitter showing a national map of Poland’s borders, but overpowering much of Ukraine's territory. The channel itself and the country's secretary of state have slammed this as the "Russian propaganda machine" trying to destroy Ukraine's positive relationship with Warsaw. We take a closer look in this edition of Truth or Fake, with Vedika Bahl.
31 Jan
The International Monetary Fund has raised its forecasts for the global economy for 2023, stating that growth has been “surprisingly resilient". However, it also said the UK is likely to be the only leading economy to head into recession in 2023.
19 Feb
20 Feb
World Bank president David Malpass on Wednesday said he would leave his post by the end of June, months after running afoul of the White House for failing to say whether he accepts the scientific consensus on global warming.
Latest
1 day ago
Finland is sealing up more border crossing points with Russia as the number of crossings by aslyum seekers climbs. But where do the people trying to reach Europe come from? And who helps them get in? DW investigates.
1 day ago
Protest rallies were held in many cities across the world to mark the International Day for the Elimination of Violence against Women.
1 day ago
Russia is increasingly trying to lure Central Asian migrants to work in the parts of Ukraine it occupies, or even to sign up to fight for its army. While some 1.3 million still migrated to Russia from Central Asia in the first quarter of 2023, some are choosing to leave, rather than be coerced to go to Ukraine.
1 day ago
With family incomes squeezed by a weak Chinese economy, international travelers are cutting back on designer goods and luxury hotels.
1 day ago
Severe weather has claimed at least ten lives, cut power to tens of thousands of people, and blocked roads in a country already strained by war.
1 day ago
This week on French Connections we take a look at the complex web of "autoroutes", or highways, in France. Over 70 percent of French people stayed in France for their vacations in 2023, and that means most of them hit the road. From its inception in 1927 to controversial toll increases to bumper-to-bumper traffic, we tell you how these highways illustrate so much about French society.
×

Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.