The World Bank has lowered the global growth forecast for 2022 to 3.2%. Earlier this was estimated at 4.1%. The downward revision is due to the impact of Russia’s invasion of Ukraine on the world economy. The reason for lowering the projection is that people are facing reduced commercial activity and trade, and the debt crisis and currency depreciations have placed a heavy burden on the poor. The world is also facing reversals in development in education, health and gender equality.
Important takeaways for all competitive exams:
- World Bank Founded: July 1944, United States;
- World Bank Headquarters: Washington DC, USA;
- World Bank President: David Robert Malpass;
- World Bank Member Countries: 189 (including India).