Global Economic Prospects, June 2022

The world economy continues to suffer from a series of destabilizing shocks. After more than two years of pandemic, the Russian Federation’s invasion of Ukraine and its global effects on commodity markets, supply chains, inflation, and financial conditions have steepened the slowdown in global growt...

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Main Author:	World Bank
Format:	Book
Published:	Washington, DC: World Bank 2022
Subjects:	POST-PANDEMIC RECOVERY COVID-19 RECOVERY WORLD ECONOMY 2022 ECONOMIC RECOVERY RISK UKRAINE WAR IMPACT COMMODITY MARKETS SUPPLY CHAIN IMPACT GLOBAL INFLATION GLOBAL GROWTH SLOWDOWN STAGFLATION AGRICULTURAL COMMODITY PRICES MONETARY POLICY TIGHTENING MACROECONOMIC FRAMEWORK ECONOMIC POLICY RESPONSE DEVELOPING ECONOMIES GLOBAL SHOCKS
Online Access:	https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099355006072293045/idu0e94d9de80f675045770a99b033f67b449448 http://hdl.handle.net/10986/37224

id	okr-10986-37224
recordtype	oai_dc
spelling	okr-10986-372242022-07-12T18:32:20Z Global Economic Prospects, June 2022 World Bank POST-PANDEMIC RECOVERY COVID-19 RECOVERY WORLD ECONOMY 2022 ECONOMIC RECOVERY RISK UKRAINE WAR IMPACT COMMODITY MARKETS SUPPLY CHAIN IMPACT GLOBAL INFLATION GLOBAL GROWTH SLOWDOWN STAGFLATION AGRICULTURAL COMMODITY PRICES MONETARY POLICY TIGHTENING MACROECONOMIC FRAMEWORK ECONOMIC POLICY RESPONSE DEVELOPING ECONOMIES GLOBAL SHOCKS The world economy continues to suffer from a series of destabilizing shocks. After more than two years of pandemic, the Russian Federation’s invasion of Ukraine and its global effects on commodity markets, supply chains, inflation, and financial conditions have steepened the slowdown in global growth. In particular, the war in Ukraine is leading to soaring prices and volatility in energy markets, with improvements in activity in energy exporters more than offset by headwinds to activity in most other economies. The invasion of Ukraine has also led to a significant increase in agricultural commodity prices, which is exacerbating food insecurity and extreme poverty in many emerging market and developing economies. Numerous risks could further derail what is now a precarious recovery. Among them is, in particular, the possibility of stubbornly high global inflation accompanied by tepid growth, reminiscent of the stagflation of the 1970s. This could eventually result in a sharp tightening of monetary policy in advanced economies to rein in inflation, lead to surging borrowing costs, and possibly culminate in financial stress in some emerging market and developing economies. A forceful and wide-ranging policy response is required by policy makers in these economies and the global community to boost growth, bolster macroeconomic frameworks, reduce financial vulnerabilities, provide support to vulnerable population groups, and attenuate the long-term impacts of the global shocks of recent years. 2022-03-28T19:03:34Z 2022-03-28T19:03:34Z 2022-06 Book https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099355006072293045/idu0e94d9de80f675045770a99b033f67b449448 978-1-4648-1843-1 http://hdl.handle.net/10986/37224 Global Economic Prospects; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: World Bank Publications & Research World
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
topic	POST-PANDEMIC RECOVERY COVID-19 RECOVERY WORLD ECONOMY 2022 ECONOMIC RECOVERY RISK UKRAINE WAR IMPACT COMMODITY MARKETS SUPPLY CHAIN IMPACT GLOBAL INFLATION GLOBAL GROWTH SLOWDOWN STAGFLATION AGRICULTURAL COMMODITY PRICES MONETARY POLICY TIGHTENING MACROECONOMIC FRAMEWORK ECONOMIC POLICY RESPONSE DEVELOPING ECONOMIES GLOBAL SHOCKS
spellingShingle	POST-PANDEMIC RECOVERY COVID-19 RECOVERY WORLD ECONOMY 2022 ECONOMIC RECOVERY RISK UKRAINE WAR IMPACT COMMODITY MARKETS SUPPLY CHAIN IMPACT GLOBAL INFLATION GLOBAL GROWTH SLOWDOWN STAGFLATION AGRICULTURAL COMMODITY PRICES MONETARY POLICY TIGHTENING MACROECONOMIC FRAMEWORK ECONOMIC POLICY RESPONSE DEVELOPING ECONOMIES GLOBAL SHOCKS World Bank Global Economic Prospects, June 2022
geographic_facet	World
relation	Global Economic Prospects;
description	The world economy continues to suffer from a series of destabilizing shocks. After more than two years of pandemic, the Russian Federation’s invasion of Ukraine and its global effects on commodity markets, supply chains, inflation, and financial conditions have steepened the slowdown in global growth. In particular, the war in Ukraine is leading to soaring prices and volatility in energy markets, with improvements in activity in energy exporters more than offset by headwinds to activity in most other economies. The invasion of Ukraine has also led to a significant increase in agricultural commodity prices, which is exacerbating food insecurity and extreme poverty in many emerging market and developing economies. Numerous risks could further derail what is now a precarious recovery. Among them is, in particular, the possibility of stubbornly high global inflation accompanied by tepid growth, reminiscent of the stagflation of the 1970s. This could eventually result in a sharp tightening of monetary policy in advanced economies to rein in inflation, lead to surging borrowing costs, and possibly culminate in financial stress in some emerging market and developing economies. A forceful and wide-ranging policy response is required by policy makers in these economies and the global community to boost growth, bolster macroeconomic frameworks, reduce financial vulnerabilities, provide support to vulnerable population groups, and attenuate the long-term impacts of the global shocks of recent years.
format	Book
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Global Economic Prospects, June 2022
title_short	Global Economic Prospects, June 2022
title_full	Global Economic Prospects, June 2022
title_fullStr	Global Economic Prospects, June 2022
title_full_unstemmed	Global Economic Prospects, June 2022
title_sort	global economic prospects, june 2022
publisher	Washington, DC: World Bank
publishDate	2022
url	https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099355006072293045/idu0e94d9de80f675045770a99b033f67b449448 http://hdl.handle.net/10986/37224
_version_	1764486764337037312

Global Economic Prospects, June 2022

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