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The World Bank cut its global economic growth prediction for this year to 4.1 percent, down 0.2 percentage points from its prior estimate.

The global economy is expected to increase 3.2 percent next year, according to the bank’s latest Global Economic Prospects report, which was revised upward 0.1 percentage point.

The changes were prompted by the dissipation of pent-up demand and the unwinding of fiscal and monetary support around the world.

The global economy is slowing due to threats from coronavirus disease 2019 (Covid-19) subtypes, as well as rising inflation, debt, and economic inequality, which might jeopardize emerging and developing nations’ recovery, according to the report.

The rapid spread of the Omicron version, according to the bank, would likely continue to hamper economic activity in the short term.

It warned that the noticeable slowdown in big countries, such as the United States and China, would weigh on foreign demand in emerging and developing economies.

Advanced economies’ growth is forecast to slow from 5% in 2021 to 3.8 percent this year and 2.3 percent in 2023, according to the bank, while emerging and developing economies are expected to expand 4.6 percent in 2022 and 4.4 percent next year.

The bank also lowered its growth forecasts for the world’s two largest economies, predicting that the US will grow 3.7 percent this year and China will grow 5.1 percent.

Turkiye’s GDP is expected to grow by 2% in 2022 and 3% in 2023, both of which are lower than prior projections.

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