Outbreaks, bottlenecks expected to slow global growth in '22 | www.WDIO.com

Outbreaks, bottlenecks expected to slow global growth in '22

Outbreaks, bottlenecks expected to slow global growth in '22

PAUL WISEMAN, AP Economics Writer
Created: January 11, 2022 02:21 PM

WASHINGTON (AP) — The World Bank is downgrading its outlook for the global economy. It blames continuing outbreaks of COVID-19, a reduction in government economic support and ongoing bottlenecks in global supply chains.

The 189-country, anti-poverty agency forecasts worldwide economic growth of 4.1% this year. That's down from the 4.3% growth it was forecasting last June. It's also down from the 5.5% expansion it estimates the global economy tallied in 2021.

In its Global Economic Prospects report out Tuesday, the World Bank projects that the U.S. economy will grow 3.7% this year, down from 5.6% in 2021.

It expects China, the world's second-biggest economy, to see growth decelerate to 5.1% in 2022 from 8% last year.

Credits

PAUL WISEMAN, AP Economics Writer

Copyright 2022 The Associated Press. All rights reserved.

Minnesota Wild surprises Northland teams with Youth Hockey Spotlight Game

Tax season 2022 is here: IRS is now accepting tax returns

Bill could help outfitters, border businesses with economic relief

Gov. Walz proposal for Minnesota kids and families

Grand Rapids man noted missing after mail not collected

Driver dies after head-on crash on Hwy. 2 near Iron River