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World Bank leader David Malpass has warned that Russia’s war in Ukraine could trigger a global recession following rising food and energy prices.<\/p>\n<\/div>\n
He said in a meeting with businesses in the United States that it is difficult to “find ways to avoid a recession.”<\/p>\n
According to him, several series of isolation measures in China are increasing concerns about the economic situation.<\/p>\n
His comments constitute the latest warning that the world economy may shrink.<\/p>\n
“As we look at gross domestic product (GDP). It is difficult to see reversals of the recession,” Malpass said, without elaborating.<\/p>\n
“Just the idea of \u200b\u200bdoubling energy prices is enough to spur the recession,” he added.<\/p>\n
Last month, the World Bank cut its growth forecast for this year to 3.2 percent.<\/p>\n
Gross domestic product (GDP) is a measure of economic growth and one of the most important ways to measure how well or badly an economy is performing, and is closely monitored by economists and banks.<\/p>\n
GDP also helps businesses estimate when to expand, recruit more workers, or invest less and reduce the workforce.<\/p>\n
Governments also use GDP to make decisions about everything from taxes to spending, while helping banks decide when to raise or lower interest rates.<\/p>\n
Malpass has said many European countries are still heavily dependent on Russian oil and gas.<\/p>\n
He has made these statements, despite the fact that some Western countries have made plans to reduce their dependence on Russian energy.<\/p>\n
According to the head of the World Bank, if Russia cuts off gas supplies, this could cause a “significant slowdown” in the region’s economy.<\/p>\n
He said high energy prices were already weighing on Germany, which has the largest economy in Europe and the fourth largest in the world.<\/p>\n
Malpass has said that developing countries are also facing food and energy shortages<\/p>\n
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