World Bank: global economic growth slowed to 3.6%

The International Monetary Fund and the World Bank expected in their World Economic Outlook report issued on Tuesday to reduce global economic growth to 3.6 percent, compared to 6.1 percent last year.

The report warned of high levels of inflation in 2022 due to the Russian-Ukrainian war, which will have repercussions on the economies of countries. It is expected that it will reach 5.7% in developed countries and 8.7% in the economies of developing countries.

The report indicated that the ongoing war could cause Ukraine’s economy to shrink by 35%, compared to a decline of 8.5% in the Russian economy.

Moscow and Kyiv, which cover a third of the world’s need for grain, have been living on the impact of war since last February, which resulted in an increase in the prices of grain contracts and some commodities, including cooking oil and flour.