Optimism fades as World Bank slashes global growth forecasts, with IMF tipped to follow 

WEF survey reveals a rise in pessimism amid the 'growing canyon' between developed and developing nations

World Bank president David Malpass said developing countries are facing hurdles due to 'lower vaccination rates, global macro policies, and the debt burden'. 

The World Bank has cut its forecasts for economic growth in the US, the eurozone, and China and warned that high debt levels, rising income inequality and new coronavirus variants threatened the recovery in developing economies.

It said global growth is expected to decelerate "markedly" to 4.1% in 2022 from 5.5% last year, and drop further to 3.2% in 2023 as pent-up demand dissipates and governments unwind massive fiscal and monetary support provided early in the pandemic.