Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

World Bank’s Malpass says war in Ukraine may trigger global recession

WASHINGTON — 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. 

Mr. Malpass told an event hosted by the US Chamber of Commerce that Germany’s economy, the world’s fourth largest, has already slowed substantially due to higher energy prices, and said reduced production of fertilizer could worsen conditions elsewhere 

“As we look at the global GDP … it’s hard right now to see how we avoid a recession,” Mr. Malpass said. He gave no specific forecast. 

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. 

In China, he said the relatively sharp slowdown in growth was based on the coronavirus disease 2019 (COVID-19) pandemic, inflation and the pre-existing real estate crisis the country had been facing. 

The World Bank last month had already cut its global growth forecast for 2022 by nearly a full percentage point, to 3.2% from 4.1%, due to the impacts from Russia’s invasion of Ukraine. 

Mr. Malpass gave no details on when a global recession could begin. — Reuters

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Editor's Pick

The Board of Investments (BoI) has cleared Sinoma Energy Conservation (Cebu) Waste Heat Recovery Co. Inc. to serve as the operator of a 4.5-megawatt...

Forex

At a time when the world is battling to get through the dreaded coronavirus pandemic, protective face masks have come out to be the...

Editor's Pick

BEWARE the “lessons of history” as drawn by charlatans, ignoramuses, or tyrants, for they will be daft, wrong, and possibly disastrous. The self-serving amateur...

Editor's Pick

The world’s food-import bill is set to jump even more than expected to a record this year, increasing the threat of hunger, especially in...

Disclaimer: SecretsOfRichDads.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Secrets Of Richdads. All Rights Reserved.