Ukraine fallout: World Bank sharply trims global growth forecast

Ukrainians claim first civilian casualties in Lviv; West's sanctions 'blitz' has failed, says Putin

The World Bank cut its forecast for global economic expansion this year on Russia’s invasion of Ukraine and is planning to mobilise a funding package bigger than the Covid-19 response for nations to deal with various resulting and ongoing crises.

The Washington-based institution has lowered its estimate for global growth in 2022 to 3.2 per cent from a January prediction of 4.1 per cent, President David Malpass told reporters on a call on Monday. The decline was spurred by a cut in the outlook for Europe and central Asia, which include Russia and Ukraine, he said. The global forecast for this