World Bank warns of economic slowdown

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There could still be economic strife ahead, the World Bank has said.

The World Bank has warned in a new report that global growth could face a "pronounced slowdown" as the effects of the COVID-19 pandemic continue.

Its latest data suggested that despite an economic rebound of 5.5 percent in 2021, it is expected that global growth will decline to 4.1 percent in 2022 and just 3.2 percent next year.

The governing body warned that this could negatively affect trade, as larger nations such as the US are likely to reduce the amount of goods they buy from developing countries.

Indeed, its report said emerging economies in particular could be hardest hit by this forecast downturn, whereas their more developed counterparts should be back to a more typical output in 2023.

The news follows another gloomy prediction from the World Economic Forum, which polled almost 1,000 experts and discovered only one in six were optimistic about the global economic outlook.

Furthermore, just one in ten expected the recovery from the pandemic to accelerate over the coming three years, Reuters reported.