World Bank Lowers Global Growth Forecast over Ukraine War
The World Bank has cut its forecast for global growth due to Russia's invasion of Ukraine.
President David Malpass said that the bank had lowered its growth estimate in 2022 from from 4.1% to 3.2%, led by slowdowns in growth in Europe and Central Asia.
Earlier this month, the institution said that Ukraine's economy was set to shrink by almost half this year as a result of the war.
It forecasts Russia's invasion will cause more economic damage across Eastern Europe and parts of Asia than the coronavirus pandemic.
The conflict in Ukraine has shut half of the country's businesses and slashed exports, the World Bank said.
The bank has sent almost $1bn of assistance to Ukraine so far and has promised a further $2bn in the coming months.
Source: BBC
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