Our take: Oil-fueled growth in Middle East to be ‘short-lived,’ says bank
Downside dominates forecast. The World Bank Global Economic Prospects report released this week projects significantly lower growth for the year — now 2.9%, significantly reduced from the January estimate of 4.1%, and about half of the 5.7% global expansion in 2021 — and a potentially prolonged period of widespread stagflation — sluggish growth and high inflation — as a result of the economic and energy disruptions caused by the Ukraine war.
