WASHINGTON: According to the World Bank Group's latest Global Economic Prospects report, the global economy would grow by 4.1 percent in 2022, down 0.2 percentage point from a previous forecast.

"Amid continuing Covid-19 flare-ups, limited policy support, and remaining supply shortages, the global recovery is expected to deteriorate substantially," the semiannual report noted on Tuesday.

According to the research, the global outlook is "clouded by several downside risks," including the prospect of additional Covid-19 outbreaks due to new virus strains, unanchored inflation expectations, and financial stress in the setting of record-high debt levels. Global growth is anticipated to drop sharply in 2022, after rising to an estimated 5.5 percent in 2021, according to the analysis. The most recent forecasts for 2021 and 2022 are 0.2 percentage points lower than the June forecast. The  Covid-19 pandemic has increased worldwide wealth inequality, partially reversing the drop made over the previous two decades.

In contrast to advanced countries, where the gap is forecast to shrink by 2023, annual output in all emerging market and developing economy (EMDE) regions is expected to continue below the pre-pandemic trend.

If inflation remains high, US Fed Reserve will have to raise rates even more: Powell

Economic Expert projects Indian economy to see 9.5% growth this fiscal

Indonesia intends to halt the export of bauxite and copper ores.