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World Bank Cuts Global Growth Forecast for 2022 to 4.1%

Due to the continuous spread of the new crown epidemic, the reduction of policy support in various economies, and the persistence of supply chain bottlenecks, the global economic recovery will slow down significantly, and the output of emerging market and developing economies is expected to remain significantly lower than pre-pandemic levels.

The report predicts that developed economies will grow by 5% in 2021 and 3.8% in 2022, down 0.4 and 0.2 percentage points respectively; emerging market and developing economies will grow by 6.3% in 2021 and 4.6% in 2022. The World Bank predicts that the U.S. economy will grow by 5.6% in 2021, down 1.2 percentage points from its previous forecast; in 2022, it will grow by 3.7%, down 0.5 percentage points. The euro zone economy will grow by 5.2% in 2021 and 4.2% in 2022. Meanwhile, the World Bank expects China's economy to grow by 8% in 2021 and 5.1% in 2022.

World Bank President Malpass said that global macroeconomic imbalances have reached an unprecedented level, income inequality between and within economies is widening, and the global economy is facing unprecedented uncertainty.