World Bank declares this decade lost for the global economy 

Washington (USA) – The COVID-19 pandemic, the Russia-Ukraine conflict, and the financial crisis in the US and Europe will affect the entire decade. As a result, the World Bank predicts that economic growth will be only 2.2% per year until 2030. According to Indermit Gill, Chief Economist at the World Bank, this decade has been a lost decade.

The World Bank further states in its report that, 

  1. As a result of this negative impact on economic growth, we are unable to address the critical crises of our time, such as extreme poverty, widening income gaps and climate change. If there is a recession, the situation will become even more adverse.
  2. Global trade growth is minimal.
  3. Over the next 7 years, the average Gross Domestic Product (GDP) growth of developing countries will decline by 4%. During the last decade, it was 5% and during the decade 2000-10, it was 6%.
  4. According to the World Bank, global economic growth will reach at least 2.9% if countries control inflation, stabilise the financial sector, and reduce debt.