World Bank cuts global growth forecast to 2.9%, warns of stagflation

World Bank on Tuesday cut its global growth forecast for 2022 by 1.2 percentage points to 2.9% and warned of stagflation. It said the Russia-Ukraine war has compounded damage from COVID-19 pandemic, with many countries likely to face recession. World Bank President David Malpass said such a period of weak growth and high inflation was last seen in the 1970s.