Return to the 70s: World Bank warns of weak growth and high inflation

Stagflation feared as global economy suffers fallout from Covid pandemic, Chinese lockdowns and war in Ukraine

The global economy faces a protracted period of weak growth and high inflation reminiscent of the 1970s as the impact of a two-year pandemic is compounded by Russia's invasion of Ukraine, the World Bank has warned.

In its half-yearly economic health check, the Washington-based Bank said echoes of the stagflation of four decades ago had forced it to cut its growth forecast for this year from 4.1% to 2.9%.