World Bank Chief warns Russia-Ukraine conflict could cause global recession

Kathmandu: World Bank Chief David Malpass has warned that the Russia-Ukraine conflict could cause a global recession as the price of food, energy and fertilisers are increasing exponentially. He also said a series of coronavirus lockdowns in China are adding to concerns about a slowdown.

Mr. Malpass told today that Germany, the biggest economy in Europe and the fourth largest in the world higher is suffering due to high prices of energy. Mr Malpass said, developing countries are also being affected by shortages of fertiliser, food and energy.

This is the latest warning by World Bank over the rising risk the world economies may face in days to come.

Earlier, last month, World Bank cut its global economic growth forecast for this year by almost a full percentage point, to 3.2%.