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World Bank President David Malpass told the BBC that the war in Ukraine would significantly slow down global economic growth.
“The war in Ukraine is taking place at a bad time because inflation was already rising“, He said.
Malpass underlined the fact that the consequences of the war will go beyond the Ukrainian borders, which will lead to an increase in the price of energy, but will especially hit the poor part of society.
Food prices have also risen and this poses a major problem for poor countries, Malpass also said.
The president of the World Bank said that Russia and Ukraine are major producers of food. Ukraine is the world’s largest producer of sunflower oil, while Russia ranks second and together accounts for 60 percent of global production.
“So far there is no way we can compensate for this loss from these two countries, therefore prices are rising“, Said Malpass.
The World Bank has so far provided $ 7.9 billion to help develop Ukraine’s economy since 2014.
That money has helped the country implement sweeping economic reforms, including privatizations in the energy and banking sectors, as well as to make agricultural land more productive.
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