World Bank cut forecast of global growth to 2.9%

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Compounding the damage from the COVID-19 pandemic, the Russian invasion of Ukraine has magnified the slowdown in the global economy, which is entering what could become a protracted period of feeble growth and elevated inflation, said the World Bank in the latest Global Economic Prospects report.

This raises the risk of stagflation, with potentially harmful consequences for middle- and low-income economies alike, it said.

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