The world economy will grow just 3.1 percent this year, down sharply from a robust 5.9 percent in 2021, according to the projections by the Paris-based Organisation for Economic Cooperation and Development.
The Indonesian Presidency has set the agenda for the summit against a backdrop of a potential global recession, disruptions related to Covid-19 and an energy and food crisis.
Internation Monetary Fund has also trimmed its 2023 global GDP forecast to 2.7 percent, 0.2 points down from July expectations.
The bank's President David Malpass says that the Ukraine conflict, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth.
Global stock markets and Wall Street futures tumbled after the Federal Reserve indicated it will raise interest rates soon to cool inflation.
The world’s second-largest economy extended its impressive trade performance in April, with exports unexpectedly accelerating and import growth hitting a decade high.
Bank says coronavirus pandemic inflicted a "swift and massive shock" causing broadest collapse of global economy since 1870.
Turkey has left worst behind as recovery begins with exports worth $10 billion in May, says the country's Trade Minister Ruhsar Pekcan.
Trade is the key to China’s and Indonesia’s economic recovery. But this will be hampered by their new World Trade Organization designation.
Remittances expected to plunge by about 20 percent globally this year, the biggest decline in recent history, as closures cause a global recession and job losses that prevent workers from sending money to their families back home, World Bank says.
Last week G20 leaders had pledged to inject over $5 trillion into the global economy to limit job and income losses from the coronavirus outbreak
Wall Street stocks had their worst day since 1987 on Monday, joining global market carnage as coronavirus outbreak shut down a widening part of US and global economy.
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