Uganda, Jan. 11 -- The World Bank (WB) has warned in its global economic prospects that worldwide economic growth is slowing sharply in the face of elevated inflation, higher interest rates, reduced investment, and disruptions caused by Russia's invasion of Ukraine- with developing countries being adversely affected in 2023.

The World January 10, 2023 Global Economic Prospects emphasized that "given the fragile economic conditions, any new adverse development-such as higher-than-expected inflation, abrupt rises in interest rates to contain it, a resurgence of the Covid-19 pandemic, or escalating geopolitical tensions-could push the global economy into recession."

This would mark the first time in more than 80 years that two global reces...