After the World Bank slashed its global economic expansion forecast by 1.2 percentage points to 2.9% this year and warned that economies might be tipping closer to stagflation, the OECD nations, which includes the United States, gave similar predictions, cutting down growth estimates for this year from 4.5% to 3%. The untamed inflation amid the Russia-Ukraine war and supply chain issues are souring the economic outlook.
The prevailing economic conditions and the outlook might incite a rush into precious metals like silver. Silver mining rebounded last year, with mine production increasing by 5%. On the other hand, miners grappling with inflation might not ramp up production, while demand for the metal is poised to explode as silver plays an instrumental role in green technologies.
