The World Bank has revised its global economic growth forecast for 2022, citing the ongoing conflict in Ukraine as a primary factor. The institution, based in Washington, has announced a reduction in its growth prediction from 4.1% in January to 3.2%. This adjustment reflects the economic challenges faced by Europe and Central Asia, regions directly affected by the war.

World Bank President David Malpass highlighted the exacerbation of financial pressures due to the war, which has compounded the ongoing effects of the COVID-19 pandemic and rising living costs. In response, the World Bank is preparing a substantial $170 billion aid package to mitigate the economic impact of these crises.

This new relief initiative is set to surpass last year’s $157 billion package aimed at combating the pandemic. The plan includes an immediate allocation of $50 billion over the next three months, with an additional $120 billion to be distributed over the following year. Discussions regarding this spending initiative will take place during the World Bank’s annual spring meeting with the International Monetary Fund (IMF).

Malpass expressed concern for developing nations facing sudden price surges in energy, fertilizer, and food, alongside potential interest rate hikes. These factors pose significant challenges to these economies.

The IMF has echoed these concerns, with Managing Director Kristalina Georgieva warning of the war’s detrimental effects on global economic stability. The IMF plans to downgrade growth forecasts for 143 economies, representing a significant portion of global economic output, due to the conflict’s impact on food and energy prices.

Georgieva emphasized the widespread repercussions of the war, describing it as a major obstacle to recovery efforts from the pandemic. She stressed the urgent need for the conflict to end, noting its adverse effects on economic growth and inflation, as well as the increased hardship faced by individuals worldwide.

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