Nearly three months have passed since the war between Russia and Ukraine and it is still going on. Its opposite effect was visible as soon as the conflict started and its bad effect is also visible in the form of inflation all over the world. Meanwhile, World Bank chief David Malpass has said the economy is being hit hard by the fast-changing global developments coupled with the Ukraine war. He has expressed the fear of a global recession.
The major impact of the Russo-Ukraine War
The head of the World Bank made the remarks while addressing a US business event on Wednesday. According to the report, Malpass has warned that the world is at risk of a global recession due to Russia's attack on Ukraine, as food, energy, and fertilizer prices have soared. Not one or two countries but most the countries are affected by inflation.
Oil prices increased inflation
"As we look at the global GDP, it is difficult to say at the moment how we will survive the recession," Malpass said in a warning on the growing risk of a contraction of the global economy. He said oil prices have contributed significantly to the rise in inflation in countries around the world. He said that the idea of doubling fuel prices in itself is enough to consolidate the slowdown. It is known that last month the World Bank lowered its global economic growth forecast to 3.2 percent.
Mention of lockdown in Chinese cities
Europe's largest and the world's fourth-largest economy has also come under threat due to rapidly rising fuel prices, the report said. David Malpass says that developing countries are also being affected by the shortage of fertilizers, food, and fuel. Apart from the Russo-Ukraine war, the World Bank chief has also expressed his concern about the imposition of lockdown in major cities of China and said that the new wave of the corona has blown China's growth prospects.
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