World Bank's Malpass says war in Ukraine may trigger global recession
Malpass told an event hosted by the U.S. Chamber of Commerce that Germany, the world's fourth largest economy, has already seen a substantial economic slowdown due to higher energy prices, and said limited access to fertilizer could worsen conditions elsewhere. "As we look at the global GDP ... it's hard right now to see how we avoid a recession," Malpass said.
- Economy
- Reuters
- Published Date: 10:28 | 25 May 2022
- Modified Date: 11:07 | 25 May 2022
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. Chamber of Commerce that Germany, the world's fourth largest economy, has already seen a substantial economic slowdown due to higher energy prices, and said limited access to fertilizer could worsen conditions elsewhere
"As we look at the global GDP ... it's hard right now to see how we avoid a recession," Malpass said.