International
World Bank Issues Warning Over Impending Global Recession
-
The World Bank cut its global economic growth forecast for this year by almost a full percentage point, to 3.2%
- Malpass also said that many European countries were still too dependent on Russia for oil and gas
EDITOR’S PICK
- Ukraine War: West Must ‘Prepare For War’, Says Ex-Nato Chief As Putin Unleashes Cruise Missiles In Ukraine
- Elon Musk Stages $43bn Hostile Takeover Of Twitter
- Ukraine Crisis: Russia In Retreat As Putin Appears To Admit Defeat In Battle For Kiev
EKO HOT BLOG reports that the head of the World Bank has warned that Russia’s invasion of Ukraine could cause a global recession as the price of food, energy and fertiliser jump.
David Malpass told a US business event on Wednesday that it is difficult to “see how we avoid a recession”.
He also said that a series of coronavirus lockdowns in China is adding to concerns about a slowdown.
His comments are the latest warning over the rising risk that the world economy may be set to contract.
“As we look at the global GDP… it’s hard right now to see how we avoid a recession,” Malpass said, without giving a specific forecast.
“The idea of energy prices doubling is enough to trigger a recession by itself,” he added.
Last month, the World Bank cut its global economic growth forecast for this year by almost a full percentage point, to 3.2%.
GDP, or Gross Domestic Product, is a measure of economic growth. It is one of the most important ways of measuring how well, or badly, an economy is performing and is closely watched by economists and central banks.
It helps businesses to judge when to expand and recruit more workers or invest less and cut their workforces.
Governments also use it to guide decisions on everything from tax to spending. It is a key gauge, along with inflation, for central banks when considering whether or not to raise or lower interest rates.
FURTHER READING:
- Ukraine Spy Chief Reveals When ‘Seriously Ill’ Putin Will Die
- Ukraine Crisis: Powerful Explosions Rock Kyiv After Russian Warship Sinks
- Ukraine Crisis: US To Give Heavier Weapons To Ukraine As Russia Plans Next Assault
Malpass also said that many European countries were still too dependent on Russia for oil and gas.
Click to watch our video of the week
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
