Newsinc24 Team 
World Bank Chief David Malpass has warned that the Russia-Ukraine conflict could cause a global recession as the price of food, energy and fertilisers are increasing exponentially. He also said a series of coronavirus lockdowns in China are adding to concerns about a slowdown. Malpass was addressing a US business event on Wednesday, He said that Germany, the biggest economy in Europe and the fourth largest in the world higher is suffering due to high prices of energy. Malpass said, developing countries are also being affected by shortages of fertiliser, food and energy. Malpass also said that many European countries were still too dependent on Russia for oil and gas. “China was already going through some contraction of real estate, so the forecast of China’s growth before Russia’s invasion had already softened substantially for 2022,” he said. “Then the waves of Covid caused lockdowns which further reduced growth expectations for China,” he said. Malpass argued the economies of both Ukraine and Russia are expected to see a significant contraction, while Europe, China and the US were witnessing a slower growth.
During my engagements last week in Switzerland & Germany, I focused on the need for greater supply in order to combat inflation.
— David Malpass (@DavidMalpassWBG) May 24, 2022
Many thanks to @UZH_ch & the German @G7 Presidency for their hospitality.
Read more on @LinkedIn: https://t.co/IBYXZ1qLMP pic.twitter.com/wZxNbpYEih
This is the latest warning by World Bank over the rising risk the world economies may face in days to come. Earlier, last month, World Bank cut its global economic growth forecast for this year by almost a full percentage point, to 3.2%.
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