World Bank predicts "lost decade" for global economy without policy changes.
The World Bank has warned that the coronavirus pandemic and Russia's war in Ukraine have contributed to a decline in the global economy's long-term growth potential, leading to what could be a "lost decade" that would mean more poverty and fewer resources to combat the impact of climate change. The World Bank projected in a new report that average potential global output is poised to fall to a 30-year low of 2.2 percent per year between 2023 and 2030. That would be a sharp decline from 3.5 percent per year during the first decade of this century.