The World Bank says the global economy is very close to falling into a recession, according to a new report from the organisation.

 
World Bank Group President David Malpass says there are many issues the developing world needs to work through.

Malpass expects the world economy to grow by 1.7 per cent this year – a drop from three per cent it predicted in June 2022.

The report blames a number of factors stemming from Russia’s invasion of Ukraine and the impact of the pandemic.