The World Bank cut its annual global growth forecast for 2022 from 4.1 percent to 3.2 percent on Monday, as record levels of inflation and the Russian invasion of Ukraine continue to impact the world's economic prospects, CNBC reports.
The single largest factor in the reduced growth forecast was a projected contraction of 4.1 percent across Europe and Central Asia, World Bank President David Malpass told reporters, per Reuters. The region in question comprises both Ukraine and Russia.
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