Outbreaks, bottlenecks expected to slow global growth in ’22

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 percent this year. That’s down from the 4.3 percent growth it was forecasting last June. It’s also down from the 5.5 percent 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 percent this year, down from 5.6 percent in 2021.