staff growth to decelerate significantly mandates

STAFF GROWTH TO DECELERATE SIGNIFICANTLY MANDATES SERIES

Growth in emerging market and developing economies is projected to roughly halve this year, slowing from 6.6 percent in 2021 to 3.4 percent in 2022-well below its annual average of 4.8 percent over 2011-19. Growth is expected to further moderate to 2.2 percent in 2023, largely reflecting the further unwinding of the fiscal and monetary policy support provided during the pandemic. In advanced economies, growth is projected to decelerate sharply from 5.1 percent in 2021 to 2.6 percent in 2022. Global growth is expected to hover around that pace over 2023-24, as the war in Ukraine disrupts activity, investment, and trade pent-up demand fades and fiscal and monetary policy accommodation is withdrawn. Global growth is projected to slow from 5.7 percent in 2021 to 2.9 percent in 2022 - significantly lower than the 4.1 percent that was anticipated in January. A decisive and wide-ranging policy response will be needed to boost growth and mitigate the multiple risks confronting the global economy.Īccording to the latest projections by the World Bank, the world economy is expected to experience its sharpest deceleration following an initial recovery from a global recession in more than 80 years. After more than two years of the COVID-19 pandemic, the war in Ukraine and its global effects have steepened the slowdown in global growth.

STAFF GROWTH TO DECELERATE SIGNIFICANTLY MANDATES SERIES

The world economy is navigating uncharted waters as it continues to suffer from a series of destabilizing shocks.

Staff growth to decelerate significantly mandates