World Bank President David Malpass has warned of a global recession, saying food, energy and fertilizer prices are skyrocketing in the followingmath of the war in Ukraine.
At an event hosted by the U.S. Chamber of Commerce on the 25th local time, Governor Malpass pointed out that the economic growth rate of Germany, the world’s fourth-largest economy, has slowed considerably due to rising energy prices, and pointed out that the situation might worsen in other regions as well.
Mr Malpass said the economy of Ukraine and Russia will contract significantly, and that Europe, China and the United States are also seeing slower growth.
Developing countries are being hit harder by the triple shortage of fertilizer, food and energy supplies, he added.
Malpass feared that a doubling in energy prices would be enough to trigger a recession.
YTN Jongsoo Lee ([email protected])
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