USA: According to the most recent World Bank report, the global economy is facing a sharp recession in 2022 after almost a year of uncertainty.

Losses in education, global inflation, supply chain disruptions and other issues globally are reminders that the effects of the COVID-19 pandemic are still being felt.

Nine Charts in its report 2022, which discussed the development, stated that "the global economy is now in its slowest post-recession recovery" and that "global consumer confidence is already on the run-up". has fallen very sharply during the last global recession."

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The world's three largest economies—the US, China and the euro area—have all experienced a significant recession. In light of the situation, even a minor jolt to the world economy during the coming year could send it into recession, it was added.

The World Bank said in its report that the worsening of natural disasters highlights the social and economic impacts of climate change.

According to the report, the war in Ukraine, high inflation, supply chain disruptions, and the global economic slowdown all worked together to significantly increase prices for many agricultural products and inputs such as fertilizers in 2022, which could lead to a significant increase in food prices. gives a hint. Insecurity around the world.

According to the report, the COVID-19 pandemic has dealt the biggest blow to efforts to reduce global poverty in decades, and the recovery has been incredibly uneven.

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According to the report, at least 685 million people could live in extreme poverty by the end of 2022, making that year (after 2020) the second worst year for poverty reduction in the past 20 years.

Additionally, it was noted that the debt crisis of developing countries had worsened over the previous year, with nearly 60 percent of the world's poorest countries either in debt or at risk of it.

The World Bank earlier lowered its China growth forecast for the year due to the pandemic and weaknesses in the real estate market. The World Bank announced that it has reduced it to 2.7% from 4.3% estimated in June in its official statement. Additionally, it cut the forecast for next year from 8.1% to 4.3%.

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The global economy is being battered by rising interest rates intended to combat inflation fueled by Russia's war in Ukraine as well as a slowdown in China as well as global supply chain snarls.