{"id":64680,"date":"2023-01-10T10:26:34","date_gmt":"2023-01-10T15:26:34","guid":{"rendered":"https:\/\/olduvai.ca\/?p=64680"},"modified":"2023-01-10T10:26:34","modified_gmt":"2023-01-10T15:26:34","slug":"world-bank-warns-global-economy-perilously-close-to-falling-into-recession","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=64680","title":{"rendered":"World Bank Warns Global Economy “Perilously Close To Falling Into Recession”"},"content":{"rendered":"
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World Bank Warns Global Economy “Perilously Close To Falling Into Recession”<\/a><\/h3>\n<\/header>\n
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Six months ago,<\/a>\u00a0The World Bank slashed its global growth outlook for 2022 and 2023 to +2.9% and +3.0% respectively blaming “the war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation” for hammering growth.<\/p>\n

Today,\u00a0in its latest report on global economic prospects,<\/a>\u00a0The World Bank has slashed its growth forecast for 2023 by almost a half to just +1.7%<\/strong>, led by weaker growth in all the world’s top economies \u2014 the United States, Europe and China.<\/p>\n

\u201cGlobal growth has slowed to the extent that the global economy is perilously close to falling into recession,\u201d<\/em>\u00a0the World Bank said.<\/p><\/blockquote>\n

That would mark the\u00a0third-weakest pace of global growth in nearly three decades, overshadowed only by the 2009 and 2020 downturns.<\/strong><\/p>\n

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The World Bank called on global central banks to remain alert to the risk that aggressively tightening monetary policy to fight inflation could spill across borders.<\/strong>\u00a0The new report called for discussions between central bankers to \u201chelp mitigate risks associated with financial stability and avoid an excessive global economic slowdown in the pursuit of inflation objectives.\u201d<\/p>\n

\u201cWeakness in growth and business investment will compound the already devastating reversals in education, health, poverty, and infrastructure and the increasing demands from climate change,\u201d said David Malpass, president of the World Bank.<\/em><\/p><\/blockquote>\n

For now, those central bankers are facing their nemesis…\u00a0Stagflation…<\/strong><\/p>\n

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Though the\u00a0United States might avoid a recession this year<\/strong>\u00a0– the World Bank predicts the U.S. economy will eke out growth of 0.5% – global weakness will likely pose another headwind for America’s businesses and consumers, on top of high prices and more expensive borrowing rates.<\/p>\n

The United States also remains vulnerable to further supply chain disruptions if COVID keeps surging or the war in Ukraine worsens.<\/p>\n

\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

World Bank Warns Global Economy “Perilously Close To Falling Into Recession” Six months ago,\u00a0The World Bank slashed its global growth outlook for 2022 and 2023 to +2.9% and +3.0% respectively blaming “the war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation” for hammering growth. Today,\u00a0in its latest report on global economic […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,5],"tags":[130,29341,281,1264,31091,821,827,888,4318],"class_list":["post-64680","post","type-post","status-publish","format-standard","hentry","category-economics","category-geopolitics","tag-china","tag-covid","tag-europe","tag-recession","tag-supply-chain-disruptions","tag-ukraine","tag-united-states","tag-world-bank","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64680"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64680\/revisions"}],"predecessor-version":[{"id":64681,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64680\/revisions\/64681"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}