The World Bank released the latest global economic outlook report on the 7th. It said that due to the impact of the COVID-19 on the global economy caused by the conflict between Russia and Ukraine, the global economic growth forecast in 2022 was lowered to 2.9%, accompanied by stagflation risk. In April, the world bank lowered its global economic growth forecast for this year to 3.2% from 4.1% in January. The report points out that the conflict between Russia and Ukraine has caused a serious slowdown in regional economic growth, brought considerable negative global spillover effects, and amplified the problems caused by supply chain bottlenecks, soaring inflation and other epidemics. Against the background of soaring food and energy prices, rebounding demand and persistent supply chain bottlenecks, the market expects global inflation to peak in mid-2022, but still remain high. At the same time, since the beginning of this year, the global economic growth is expected to decline significantly. The annual growth rate is expected to slow down from 5.7% in 2021 to 2.9% this year. The growth rate from 2023 to 2024 will also hover around 3%. The report predicts that the global economic growth in the next few years will remain below the average level of 2010-2020. The global economy may enter a period of long-term weak growth and high inflation. The report compares the current global economic situation with the "stagflation period" in the 1970s and warns that the increased risk of stagflation will bring potentially harmful consequences to low - and middle-income economies. World Bank President Marcus believes that the global economy is once again in danger. For many countries, economic recession will be "inevitable". He called for encouraging production and avoiding trade restrictions to ensure food and energy supplies. (Xinhua News Agency)