Shoppers at a supermarket in Walthamstow, East London (Photo: AFP/VNA)

According to its latest “Global Economic Prospects” report, the world economy is on course to record its worst half decade in 30 years. With the exception of the COVID pandemic period, this year's growth is the weakest since the 2009 global financial crisis.

The World Bank says the US growth will slow from 2.5% last year to 1.6% this year due to a tight monetary policy.

The eurozone’s growth will be 0.7% this year. Rising energy prices led to growth last year of 0.4%.

The Chinese economy’s growth will slow to 4.5% this year. Emerging markets and developing economies will grow 3.9%, slightly down from 4% last year and 1 percentage point below the average rate in the 2010s.

At this rate, the world will not be able to lift its poor population out of poverty. By the end of this year, people in a quarter of developing countries and 40% of low-income countries will be poorer than in 2019 before the pandemic.