The global economy is in danger of suffering a lost decade of growth, which would be even more severe if the current financial turmoil sparked a global recession, according to new research from the World Bank.
The international organisation warned on Monday that the Covid-19 pandemic and Russia’s invasion of Ukraine were set to create lasting damage to economic performance, undermining efforts to improve global living standards, reduce poverty and address climate change.
Its research showed that recent setbacks to the world economy have had more lasting effects and would reduce growth rates this decade by a third, compared with the first 10 years of this century.
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