Three Main Reasons Why the Global Economy Is Slowing Down

According to the World Bank’s latest Global Economic Prospects report, the global economy is stepping into a noticeable slowdown after a strong rebound in 2021 amid new threats from COVID-19 variants and a spike in inflation, debt, and income inequality that could jeopardize the recovery in emerging and developing economies. 

As a result, global GDP is predicted to slow significantly from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023 as pent-up demand fades and fiscal and monetary assistance is removed globally.

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