World Bank President David Malpass spoke about stagflation and global recession, viewing it as the sharpest slowdown in 80 years. Given the war in Ukraine, lockdowns in China, and supply-chain disruptions, Malpass believes the recession will be hard to avoid for many countries.

According to the World Bank report, issued on Tuesday, global growth is anticipated to decline from 5.7% in 2021 to 2.9% in 2022. This is significantly below the 4.1% estimate provided in January. Furthermore, the bank stated that inflation and slow growth may persist for years.