World Bank Chief: War in Ukraine May Cause Global Recession

World Bank Chief: War in Ukraine May Cause Global Recession

David Malpass told an event organized by the US Chamber of Commerce that Germany, the world’s fourth largest economy, has already suffered a major economic slowdown due to rising energy prices, noting that limited access to fertilizers could worsen conditions elsewhere.

“If we look at world GDP … it’s hard right now to see how we can avoid a recession”Malpass said.

Ukraine is one of the world’s leading grain exporters and the war is triggering inflationary pressures on food. Well, as an effect of the war, countries like India have decided to ban wheat and sugar exports.

Recently, the billionaire hedge fund manager, George Soros, indicated in the framework of the World Economic Forum that the war in Ukraine could be the beginning of the Third World war because it implies a confrontation between open societies and closed societies, such as China and Russia.

In addition, the managing director of the International Monetary Fund (IMF), Kristalina georgieva, He also warned that the panorama of the world economy has darkened and that, despite the absence of clear signs, the risk of a global recession cannot be ruled out.

“We are experiencing a shock in the prices of basic products, in particular of food,” Georgieva said on Monday, during her participation in the World Economic Forum in Davos, Switzerland.

With information from Reuters.

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