World Bank President David Malpass said that a global recession appears all but inevitable as the war in Ukraine roils on, fueling higher food and energy prices that keep broader inflationary pressures high.
Malpass made the remarks in a May 25 virtual discussion hosted by the U.S. Chamber of Commerce, which grappled with a number of overlapping global crises including ongoing supply chain disruptions and inflation.
“As we look at global GDP … it’s hard right now to see how we avoid a recession,” Malpass said. “The idea of energy prices doubling is enough to trigger a recession by itself.”
The World Bank chief said that large economies—including Germany and the United States—have already seen slower growth….