Growth in emerging market and developing economies will be hit hard over the next two years, according to the World Bank’s latest Global Economic Prospects report. Globally, growth continues to slow sharply due to rising inflation and interest rates, reduced investment, and supply disruptions caused by Russia’s full-scale invasion of Ukraine. Any new adverse development could further push the global economy into recession, said the World Bank. This includes higher-than-expected inflation rates, abrupt rises in interest rates to contain it, a resurgence of the COVID-19 pandemic, or escalating geopolitical tensions. Yet, faced with extremely high government debt levels and rising
