As U.S. gas prices reached an all-time high, the World Bank issued a warning that a combination of rising inflation and a slowdown in economic growth could lead the global economy into 1970s-style “stagflation.”
The price of gas in the U.S. hit $4.91 per gallon on Tuesday, according to AAA. On the same day, the World Bank issued its latest Global Economic Prospects report—which compared current economic conditions around the world with those during the “stagflation of the 1970s,” spelling potentially bad news for the global economy due to issues including fiscal damage caused by the COVID-19 pandemic and the Russian invasion of Ukraine.
Read more at Newsweek.com
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