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Global Economy Struggles Amid Inflation, COVID Aftershocks and War

World Bank report predicts sharp slowdown on the horizon

A pair of central bank decisions next week will shape the outlook for a wobbly global economy that the World Bank warns in a downbeat new assessment is battling stubbornly high inflation amid the pandemic’s aftermath and the war in Ukraine.

The gloomy forecast arrives days after one threat to global growth was eliminated when President Biden signed legislation Friday to raise the U.S. debt ceiling and avert a potentially catastrophic government default.

But other risks remain: China's reopening after the end of its "zero COVID" policy is starting to flag, while the German economy has shrunk for two consecutive quarters, meeting one definition of a recession. Even in the United States, where growth remains resilient, most analysts anticipate that activity will ebb in the coming months.

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