[ICYMI] World Bank President David Malpass has suggested that Russia’s war in Ukraine and its impact on food and energy prices, as well as the availability of fertilizer, could trigger a global recession. MoneywebNews
World Bank President David Malpass on Wednesday suggested that Russia’s war in Ukraine and its impact on food and energy prices, as well as the availability of fertilizer, could trigger a global recession. Malpass told an event hosted by the U.S.
He said the economies of Ukraine and Russia were both expected to see a significant contraction, while Europe, China and the United States were seeing slower growth. Developing countries were being hit even harder given shortfalls of fertilizer and food stocks and energy supplies, he said. “The idea of energy prices doubling is enough to trigger a recession by itself,” he said.
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