Join us for a presentation on the highlights of the latest World Bank’s Global Economic Prospects report published in June 2022. World Bank Senior Economist, Patrick Kirby will take us through key insights from a report that suggests global growth is expected to slump from 5.7 percent in 2021 to 2.9 percent in 2022— significantly lower than 4.1 percent that was anticipated in January.
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According to the latest World Bank’s Global Economic Prospects report published in June 2022, the Russian invasion of Ukraine has magnified the slowdown in the global economy, which was already under great pressure from the effects of the COVID-19 pandemic. This could result in a prolonged period of weak growth and elevated inflation raising the risk of stagflation, with potentially harmful consequences for middle- and low-income economies alike. According to the report, global growth is expected to slump from 5.7 percent in 2021 to 2.9 percent in 2022— significantly lower than 4.1 percent that was anticipated in January.
Join us for a presentation on the highlights of the latest World Bank’s Global Economic Prospects report published in June 2022. World Bank Senior Economist, Patrick Kirby will take us through key insights from the report itself.
The report’s Executive Summary highlights that, “The world economy continues to suffer from a series of destabilizing shocks. After more than two years of pandemic, the Russian Federation’s invasion of Ukraine and its global effects on commodity markets, supply chains, inflation, and financial conditions have steepened the slowdown in global growth. In particular, the war in Ukraine is leading to soaring prices and volatility in energy markets, with improvements in activity in energy exporters more than offset by headwinds in most other economies. The invasion of Ukraine has also led to a significant increase in agricultural commodity prices, which is exacerbating food insecurity and extreme poverty in many emerging market and developing economies (EMDEs). Numerous risks could further derail what is now a precarious recovery. Among them is, in particular, the possibility of stubbornly high global inflation accompanied by tepid growth, reminiscent of the stagflation of the 1970s. This could eventually result in a sharp tightening of monetary policy in advanced economies to rein in inflation, lead to surging borrowing costs, and possibly culminate in financial stress in some EMDEs. A forceful and wide-ranging policy response is required by EMDE authorities and the global community to boost growth, bolster macroeconomic frameworks, reduce financial vulnerabilities, provide support to vulnerable population groups, and attenuate the long-term impacts of the global shocks of recent years.”
About Patrick Kirk:
Patrick Kirby is a senior economist in the World Bank’s Prospects Group. He is one of the lead authors of the flagship Global Economic Prospects report, which presents the institution’s view on the global economy and associated policy challenges for developing countries. He also coordinates the World Bank’s Global Monthly report, which monitors major macroeconomic, financial, and commodity market developments, and routinely prepares briefings on the global economy for senior management. Prior to joining the World Bank, Mr. Kirby was Principal Economist at the Bank of Canada’s International Projection Division, where he contributed to the Monetary Policy Report and the Bank’s global macroeconomic model.
