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World Bank slashes outlook for economic growth over Russia-Ukraine war
US sends over $800M in weapons to Ukraine
Fox News correspondent Mark Meredith gives an update from the Pentagon on weapon shipments to Ukraine and the threat of a Russian attack.
The World Bank cut its forecast for global economic growth this year as a result of the Russian war in Ukraine and is preparing a $170 billion aid package for nations to deal with the confluence of war, pandemic and sky-high inflation.
The Washington-based institution lowered its forecast for global growth in 2022 to 3.2% – a sharp drop from the 4.1% prediction in January, World Bank President David Malpass told reporters on Monday. The decline stems from a cut in the outlook for Europe and Central Asia, which include both Russia and Ukraine.
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By comparison, the global economy expanded by 5.7% in 2021.
Malpass said the war between Russia and Ukraine – the worst conflict that Europe has seen in decades – has exacerbated the financial pressures from the COVID-19 pandemic as well as the rising cost of living, saying there is a need to provide assistance immediately. As a result, the World Bank is prepping a $170 billion spending package intended to offset some of the economic fallout from the war.