World Bank President David Malpas does not rule out the possibility of a recession in the world economy due to the war in Ukraine. He believes the impact will be “very negative”.
Source: The Head of the World Bank David Malpas
Malpas stressed that the crisis would be felt not only in Russia and Ukraine but also in other countries.
“As we look at the global GDP it’s hard right now to see how we avoid a recession.”
He notes that disruptions in grain supplies, in particular, will hit Lebanon, which has no reserves of its own, and the slowdown in the agricultural sector is already being felt by other countries.
In addition, cuts in Russian energy supplies, according to Malpas, could slow the economy in the EU.