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American economist, World Bank President David Malpass, during a speech at the foundation of the US Chamber of Commerce, warned of a recession threatening the global economy due to the situation around Ukraine.
“Now it is not possible to see how we can avoid a recession,” he said, answering a question about the impact of the conflict taking place on the territory of Ukraine and the introduction of global sanctions against Russia on global GDP.
Malpass noted that the situation would be “bad” primarily for residents of Ukraine and Russia, but stressed that the impact would go beyond these two states.
Thus, the head of the World Bank pointed out, interruptions in grain supplies will hit Lebanon, which does not have its own reserves, and a number of other countries. And a reduction in Russian energy supplies will lead to a significant slowdown in the economy in the EU countries.