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WORLD BANK'S GLOBAL ECONOMIC PROSPECTS' REPORT

WORLD BANK'S GLOBAL ECONOMIC PROSPECTS' REPORT

Context:

The World Bank's Global Economic Prospects released the report on 11 January 2022.

Key Findings of the Report:

  • The report notes that global economic growth will fall sharply to 4.1% in 2022. It will be 3.2% in 2023, from 5.5% in 2021.
  • India's annual growth will be 8.3% for the 2021-2022 financial year. It will be 8.7% for 2022-23 and 6.8% for 2023-24.
  • It also warned of the dangers posed by inflation and growing inequality.
  • The report says that after having recovered in 2021, the global economy is going towards a "pronounced slowdown".

Growth Statistics:

  • Growth in advanced economies is expected to decline from 5% in 2021 to 3.8% in 2022 and 2.3% in 2023.
  • However, in developing countries, economic growth is expected to decline from 6.3% in 2021 to 4.6% in 2022 and 4.4% in 2023.
  • By 2023, all developed economies will have achieved full recovery; however, the impact of emerging and developing economies will remain 4% below their pre-pandemic approach.
  • In many vulnerable economies, the recession is massive: volatile and conflict-affected economies will be 7.5% below the pre-pandemic situation, and the impact on sub-regions of the islands will be below 8.5%.

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