Global economy risks losing a decade of growth, according to new World Bank study. And that loss will be even worse if the current financial turmoil triggers a global recession..

An international organization has warned that the Covid-19 pandemic and Russia's invasion of Ukraine will cause long-term damage to economic performance, undermining efforts to improve global living standards, reduce poverty and combat climate change.. The Financial Times writes about this, adding that according to the World Bank, the effects of the recent shocks will be more durable and lead to a slowdown in growth by the end of this decade.. It will be about a third less than in the first 10 years of the 21st century.

Indermit Gill, chief economist at the World Bank, said the drop in sustained growth was due to " The Bank predicts that the growth rate that the global economy can sustain in this decade will be only 2.2% per year. Although from 2011 to 2021 this figure was from 2.6%, and in the first decade of the 21st century - 3.5%.

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A World Bank study found that the pandemic has created enormous uncertainty for companies and reduced the global investment growth rate to 3.5% per year, half of what it has been in the past two decades.. The coronavirus has also taken a toll on children's education, which in turn has affected skills in the workplace and has resulted in fewer people working than expected in many countries..

Russia's invasion of Ukraine further heightened uncertainty and reduced investment, especially in Europe, says World Bank. Geopolitical tensions since 2010 have seen world trade growth even somewhat behind the economy. Ayhan Kose, head of Equitable Growth, Finance and Institutions at the World Bank, said the combination of these factors meant that "

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“We know that the slowdown in global growth prospects could be much more dramatic if another financial crisis erupts, especially if accompanied by another global recession,” he said..

The World Bank stressed that the loss of a decade of growth is not inevitable. But to prevent this, "