The World Bank cut its forecast for global economic expansion this year on Russia's invasion of Ukraine and is planning to mobilize a funding package bigger than the COVID-19 response for nations to deal with various resulting and ongoing crises.
The institution lowered its estimate for global growth in 2022 to 3.2% from a January prediction of 4.1%, President David Malpass told reporters on a call on Monday. The decline was spurred by a cut in the outlook for Europe and central Asia, which include Russia and Ukraine, Mr. Malpass said. The global forecast for this year compares with 5.7% expansion in 2021, he said.
The World Bank chief said he expects to discuss a new 15-month crisis-response package of about $170 billion to cover April 2022 through June of next year with the bank's board in coming weeks, with about $50 billion of this amount to be deployed in the next three months.