World Bank projects slower growth this year

The World Bank has projected that most economies will experience slower growth this year.
The bank's Deputy Chief Economist M. Ayhan Kose has noted that there is a sharp and synchronized slowdown in global economic growth, with 70 per cent of the economies of the world will experience weaker growth this year than last year. 
"Global growth will decline from three per cent last year to around two per cent," he said, adding that the slowdown "will be even deeper," for advanced economies.
He said emerging economies, "other than China's big contribution," will decline from four per cent growth last year to three per cent this year. 
The World Bank executive highlighted multiple factors contributing to the slowdown, starting with the "tight monetary policy that has been in place over the past 18 months."
Significantly, he said the Russia-Ukraine war also continues to dampen the global economic outlook. 

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