The World Bank said that many countries across the world would struggle to prevent a recession this year as it pared down its global growth forecast.
Global growth is now expected to fall to 2.9%, a decrease of 1.2 percentage points from the previous forecast at the start of the year, the World Bank announced on Tuesday. The international financial institution said that alarm bells are flashing red for a “protracted period of feeble growth and elevated inflation.”
The term is often used to describe the U.S. economy of the 1970s, when both inflation and unemployment were high. At the time, many top economists thought such a situation was impossible, as it was believed that high inflation could be traded off for lower unemployment. Former Federal Reserve Chairman Ben Bernanke has also suggested that the United States might be in for a period of stagflation.
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