The World Bank has worsened its forecast for global economic growth in 2022 to 3.2%, the Singapore edition of The Business Times quoted WB President David Malpass as saying.

In January, the WB expected global GDP growth of 4.1%.

Meanwhile, the estimate for global GDP lift in 2021 has been raised to 5.7% from 5.6%. This is the highest post-recession rate of increase in 80 years.

“We start the spring meeting against a backdrop of severe overlapping crises,” Malpass said in a briefing with reporters. – These are coronavirus, inflation and Russia’s invasion of Ukraine.”

He estimated that these factors could increase global poverty through sudden spikes in energy, fertilizer and food prices. Rising interest rates, meanwhile, could slow economic growth and exacerbate inequality, Malpass added.