World Bank (WB) said in its report “Global economic prospects” in January 2022 that the global economy, after rebounding 5.5% in 2021 (its strongest post-recession pace in 80 years) is expected to decelerate to 4.1% in 2022 on account of continued Covid-19 flare-ups, diminished fiscal support and continued supply chain bottlenecks.
It said that growth may soften further to 3.2% in 2023 as pent up demand wanes and supportive macro-economic policies unwound.
