Russia's invasion of Ukraine could spark a global recession because of soaring prices for food, fertiliser and energy, the head of the World Bank has said. Covid lockdowns in China are also adding to the slowdown, said the bank's boss David Malpass
Mr Malpass said: "As we look at the global GDP... it's hard right now to see how we avoid a recession," the BBC reports. And he added: "The idea of energy prices doubling is enough to trigger a recession by itself."
Speaking to a US business event he said Russia's moves to cut supplies of gas could cause a "substantial slowdown". He said energy prices were hitting Germany and countries in the developing world were affected by fertiliser, food and energy shortages.
