* World Bank report on Tuesday slashed global growth forecasts for 2022
* US growth was seen dropping to 2.5% in 2022, down from 5.7% in 2021
* 'The danger of stagflation is considerable today,' World Bank president said
* Stagflation, or high inflation with slow growth, was last seen in the 1970s
* Interest rate hikes to control inflation in the late 70s triggered a global recession
* World Bank says the situation now is similar in some ways, but different in others
The World Bank has slashed its global growth forecast by nearly a third for 2022, warning that the risk of 1970s-style 'stagflation' is increasing and saying many countries now face recession.
'The danger of stagflation is considerable today,' World Bank President David Malpass wrote in the foreword to Tuesday's report, which cut global growth projections to 2.9 percent for 2022.
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WNU Editor: This is the most depressing World Bank forecast report that I have ever read (link here).
Grim Global Economic Forecast From The World Bank
Global Growth Will Be Choked Amid Inflation and War, Says World Bank -- New York Times
World Bank slashes global growth forecast to 2.9%, warns of 1970s-style stagflation -- CNBC
World Bank slashes global growth forecast to 2.9%, warns of 'stagflation' risk -- Reuters
World Bank slashes growth forecast, warns of stagflation -- The Hill
World Bank warns of 'stagflation,' slashes growth forecast -- DW
World Bank says recession will be 'hard to avoid' for many countries -- CNN
World Bank Downgrades Global Growth Forecast: What It Means for the Future -- GoBankingRates
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