{"id":263484,"date":"2023-01-11T07:34:53","date_gmt":"2023-01-11T07:34:53","guid":{"rendered":"https:\/\/www.thetruthseeker.co.uk\/?p=263484"},"modified":"2023-01-12T08:00:32","modified_gmt":"2023-01-12T08:00:32","slug":"second-global-recession-in-a-decade-looms-warns-world-bank","status":"publish","type":"post","link":"https:\/\/www.thetruthseeker.co.uk\/?p=263484","title":{"rendered":"Second global recession in a decade looms, warns World Bank"},"content":{"rendered":"<h1 style=\"text-align: center;\"><strong>The Telegraph \u2013 Jan 10, 2023<\/strong><\/h1>\n<p>A second global recession looms this\u00a0decade, the World Bank has warned as it slashed its growth forecasts for almost all advanced economies this year and next.<\/p>\n<p>David Malpass, president of the World Bank, said Russia&#8217;s war in Ukraine, stubbornly high inflation and global interest rate rises threatened to add to the &#8220;already devastating&#8221; legacy of Covid and resulting global lockdowns.<\/p>\n<p>The institution downgraded its forecasts for global growth to 1.7pc in 2023 and 2.7pc in 2024, from previous projections of 3pc in both years.<\/p>\n<p>Economists warned that the global economy remained &#8220;fragile&#8221;, adding: &#8220;higher-than-expected inflation, abrupt rises in interest rates to contain it, a resurgence of the Covid-19 pandemic, or escalating geopolitical tensions could push the global economy into recession.&#8221;<\/p>\n<p>This would mark the first time since the Second World War that two global recessions have occurred within the same decade.<\/p>\n<p>The World Bank blamed sharp slowdowns in the US, eurozone and China for the downgrades as it\u00a0slashed its growth forecasts for nearly all advanced economies and almost 70pc of developing markets.<\/p>\n<p>Growth in advanced economies is projected to slow from 2.5pc in 2022 to 0.5pc in 2023. &#8220;Over the past two decades, slowdowns of this scale have foreshadowed a global recession,&#8221; the World Bank said.<\/p>\n<p>&#8220;The crisis facing development is intensifying as the global growth outlook deteriorates,\u201d added Mr Malpass. &#8220;Weakness in growth and business investment will compound the already-devastating reversals in education, health, poverty, and infrastructure and the increasing demands from climate change.&#8221;<\/p>\n<p><a href=\"https:\/\/www.telegraph.co.uk\/business\/2023\/01\/10\/ftse-100-markets-live-news-energy-inflation-retail-sales-strikes\/\">Source \u2026<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>David Malpass, president of the World Bank, said the war in Ukraine, high inflation and global interest rate rises threatened to add to the &#8220;already devastating&#8221; legacy of Covid and resulting global lockdowns. <\/p>\n","protected":false},"author":39262,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[66],"tags":[],"class_list":["post-263484","post","type-post","status-publish","format-standard","hentry","category-Economics"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/263484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/users\/39262"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=263484"}],"version-history":[{"count":2,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/263484\/revisions"}],"predecessor-version":[{"id":263486,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/263484\/revisions\/263486"}],"wp:attachment":[{"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=263484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=263484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thetruthseeker.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=263484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}