“World Bank slashes global growth forecast to 2.9%, warns of ‘stagflation’ risk”
June 7, 2022
“The World Bank on Tuesday slashed its global growth forecast by nearly a third to 2.9% for 2022, warning that Russia’s invasion of Ukraine has compounded the damage from the COVID-19 pandemic, and many countries now faced recession…
In a news conference, World Bank President David Malpass said global growth could fall to 2.1% in 2022 and 1.5% in 2023, driving per capita growth close to zero, if downside risks materialized…
Malpass said global growth was being hammered by the war, fresh COVID lockdowns in China, supply-chain disruptions and the rising risk of stagflation — a period of weak growth and high inflation last seen in the 1970s…”
https://finance.yahoo.com/news/world-bank-slashes-global-growth-133254463.html
Don’t forget governments around the world have been attacking their main source of energy which is oil. Europe has oil problems because countries like Germany keep shutting down pipelines.