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Russian aggression, Covid-19 dampen growth, increase poverty - World Bank

The bank is planning a 170bn dollar package to overcome the crisis.

Russian aggression, Covid-19 dampen growth, increase poverty - World Bank

The World Bank has reduced its forecast for global economic growth in 2022 to 3.2% from its January forecast of 4.1%.

This was stated by its President David Malpas, according to Bloomberg.

According to him, the decline is due to reduced prospects for Europe and Central Asia as a result of russia's war against Ukraine.

The head of the World Bank said he plans to discuss with the bank's board a new 15-month crisis response package of about 170bn dollars, which will cover the period from April 2022 to June next year, with about 50bn of this amount to be deployed in the next three months.

"This is a continuation of a large-scale response to the crisis, given its continuation," he said.

David Malpass also noted that the debt crisis for low- and middle-income countries is expected to intensify in 2022.

"Countries are in serious financial trouble - 60% of low-income countries can either no longer pay their debts or are on the verge of this state," he said.

The World Bank is preparing a 1.5bn dollar aid package for Ukraine.

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