World Bank boss warns over global recession

The head of the World Bank has warned that the war in Ukraine could cause a global recession as the price of food, energy and fertilizer jump, the BBC reports.

David Malpass told a US business event on Wednesday that it is difficult to “see how we avoid a recession.”

He also said a series of coronavirus lockdowns in China are adding to concerns about a slowdown.

His comments are the latest warning over the rising risk that the world economy may be set to contract.

“As we look at the global GDP… it’s hard right now to see how we avoid a recession,” Mr Malpass said, without giving a specific forecast.

“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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