×

We've got news for you.

Register on DispatchLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

World Bank says war to cut global growth, boosts financing target

World Bank President David Malpass
World Bank President David Malpass
Image: REUTERS/ YVES HERMAN

The World Bank is reducing its global growth forecast for 2022 by nearly a full percentage point, to 3.2% from 4.1%, due to the impacts from Russia's invasion of Ukraine, World Bank President David Malpass said on Monday.

Malpass told reporters on a conference call that the World Bank was responding to the added economic stresses from the war by proposing a new, 15-month crisis financing target of $170 billion, with a goal to commit about $50 billion of this financing over the next three months.

Malpass said the biggest component of the bank's growth forecast reduction was a 4.1% contraction in the Europe and Central Asia region – comprising Ukraine, Russia and surrounding countries. Forecasts also are being cut for advanced and many developing economies because of spikes in food and energy prices caused by war-related supply disruptions, Malpass said.


subscribe

Would you like to comment on this article or view other readers' comments? Register (it’s quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.