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Russia and Ukraine: World Bank chief warns of global recession as food and energy prices rise

Russia and Ukraine: World Bank chief warns of global recession as food and energy prices rise

picture released, EPA

The head of the World Bank has warned that Russia’s invasion of Ukraine could cause a global recession with soaring food, energy and fertilizer prices.

It’s hard to “see how we can avoid a recession,” David Malpass said in a speech to a US trade meeting on Wednesday.

He added that the string of coronavirus-related lockdowns in China was raising concerns about a slowdown.

Malpass’ comments are the latest warning about the growing risk that the global economy may be on the cusp of deflation.