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World Bank Cuts 2022 Global Growth Outlook on Russia Invasion

  • War in Ukraine, Covid-19 reducing growth, raising poverty
  • Bank plans $170 billion crisis response, more than Covid-19
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WATCH: Carmen Reinhart, senior vice president and chief economist at the World Bank, explains why the development lender cut its forecast for global economic growth. Source: Bloomberg

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The World Bank cut its forecast for global economic expansion this year on Russia’s invasion of Ukraine and is planning to mobilize a funding package bigger than the Covid-19 response for nations to deal with various resulting and ongoing crises.