The World Bank announced last Monday that it cut the projection of global Gross Domestic Product growth for this year by almost one percentage point to 3.2% from 4.1%.
The president of the multilateral organization, David Malpass, sees that the main factor in the reduction of the global growth forecast was due to the Russian invasion of Ukraine, which will cause a contraction of the economy of the Europe and Central Asia region of 4.1%. . The IMF joined this forecast yesterday, when it reported a cut of almost one percentage point in its GDP growth projection for this year to 3.6%, compared to 4.4% previously forecast.
The IMF also cut its forecasts for next year and now expect world GDP to grow at the same rate as this year at 3.6%, down from its previous projection of 3.8%. “This reflects the direct impact of the war in Ukraine and the sanctions on Russia, with both countries expected to experience sharp contractions,” he concluded in his report.
We continue to grow despite the economic adversities that have hit our country in recent years.
