Global growth to slow down in 2022

Global growth is forecast to decelerate from 6 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023. During the annual meetings of the International Monetary Fund ( IMF) and World Bank Group ( WBG) held recently, it was observed that global economic growth prospects remained weak, with likely contraction for some countries, going into 2023.

The growth rates for Sub- Saharan Africa are 4.7 percent , 3.6 percent and 3.7 percent. High inflation, involving significant spikes in food and energy prices disproportionately harms vulnerable households and the poor. It was indicated that the major influences on these adverse developments were the elevated geopolitical tensions, adverse climate and weak economic fundamentals that generated production and supply disruptions, as well as heightened uncertainty and volatility of financial ma