Decoupling bid main supply chain disrupter

Due to the damage from the COVID-19 pandemic and the Russia-Ukraine conflict, global growth is expected to fall from 5.7 percent in 2021 to 2.9 percent in 2022－significantly lower than 4.1 percent that was anticipated in January, according to the Global Economic Prospects report released by the World Bank last week. It warned that the global economy is entering what could become "a protracted period of feeble growth and elevated inflation" reminiscent of the stagflation of the 1970s.

As it cautioned back in February, inflation has come back faster, spiked more markedly, and proved to be more stubborn and persistent than major central banks initially thought possible.

The Organization for Economic Co-operation and Development has also downgraded its forecast for the year, predicting global growth of 3 percent, down 1.5 percentage points from its projection in December.