World Bank cuts global growth forecast to 4.1%

The World Bank cut its global economic growth forecast for 2022 to 4.1%, down from previous estimates.

The revised projection reflects weaker demand and the impact of the Omicron variant on labor shortages and supply chains.

Advanced economies are expected to grow at a slower pace, while emerging and developing economies are projected to expand by 4.6% in 2022.

Downside risks include further disruptions from Omicron, supply bottlenecks, and inflation expectations.

The World Bank warned that global growth could slow sharply this year due to these factors.