The World Bank has slashed its global growth forecast by nearly a third for 2022, warning that the risk of 1970s-style 'stagflation' is increasing and saying many countries now face recession.'The danger of stagflation is considerable today,' World Bank President David Malpass wrote in the foreword to Tuesday's report, which cut global growth projections to 2.9 percent for 2022.Russia's had only magnified the slowdown in the global economy, which was now entering what could become 'a protracted period of feeble growth and elevated ,' according to the Global Economic Prospects report, warning that the outlook could still grow worse.
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