UKRAINE WAR, WORLD BANK CHIEF WARNS OF GLOBAL RECESSION

  • 26/05/2022

The World Bank's chief economist has warned that Russia's invasion of Ukraine might trigger a global recession if food, gasoline, and fertiliser prices rise.

On Wednesday, David Malpass told a US business event that it is difficult to "see how we avoid a recession."

He also stated that a string of coronavirus lockdowns in China is heightening concerns about a slowdown.

His remarks are the latest warning about the growing possibility that the global economy may contract.

"As we look at world GDP... it's difficult to see how we avoid a recession right now," Mr Malpass added, without providing a particular projection. 

"The idea of energy prices doubling is enough to trigger a recession by itself," he added.

Last month, the World Bank cut its global economic growth forecast for this year by almost a full percentage point, to 3.2%.

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