World Bank warns global economy faces grim outlook
The global economy faces a "grim outlook", World Bank president David Malpass has warned, as the aftershocks of the pandemic continue to weigh on growth - especially in poor countries.
His organisation's latest forecast predicts global growth will slow to 4.1% this year from 5.5% in 2021.
It attributed the slowdown to virus threats, government aid unwinding and an initial rebound in demand fading.
But Mr Malpass said his greatest worry was widening global inequality.
By 2023, economic activity in all advanced economies, such as the US, Euro area and Japan, is likely to have recovered from the hit it took during the pandemic, the bank said.
But output in developing and emerging countries is expected to remain 4% lower than it was before Covid struck.
Separately, the World Economic Forum (WEF) warned that divergent economic recoveries were making it harder to collaborate on global challenges such as climate change.
- COVID-19 Cancellation fund for Cultural Organisations
- Business support for those affected by Omicron control measures
- Food and drink funds open
- Strategic Transport Project Review 2 (STPR2) Formal Consultation
- Rowan Consultancy fundraising news
- Latest VisitScotland/Business Gateway Digital Webinars
- Sustainable sleeping: Crieff Hydro introduces new eco bedding
- Catering to Celebrancy via Covid
- Guildry Want to Get Behind Local Apprenticeships
- Microsoft Office Excel: Intermediate Level Full Details and Booking
- Strategic Transport Projects Review or STPR2 - Scottish Government Recommendations
- Unlocking tax savings through capital allowances
- First Minister's update to the Scottish Parliament - 18 January 2022
- Professional sport allocated £2.55 million of COVID support
- France to relax travel rules from the UK
- Covid self-isolation in England being cut to five full days
- Scottish business leaders target USA for first in-person trade missions since pandemic began
- Google will spend £730m to 'reinvigorate' its UK offices
- UK economy above pre-Covid levels in November
- COVID 19 Business Support and Continuity Tourism Fund
- SCC: Economic recovery at risk as COVID concerns curtail business growth
- Taxi and Private Hire Driver and Operator Support Fund 2022
- Nightclub Closure Fund
- Crowd restrictions lifted for outdoor events