World Bank chief sounds the alarm over a looming recession: ‘It’s hard to see how we avoid it’

Are we entering a recession? World Bank chief can't see how we avoid it

May 26, 2022 by Fortune

Key Facts

  • Chamber of Commerce (USCC), World Bank president David Malpass said the war in Ukraine — and its impact on food and energy costs — could spark a global recession.
  • Last week, Wells Fargo CEO and president Charlie Scharf said it was going to be hard for the U.S. to avoid “some kind of recession,” joining the ranks of Deutsche Bank and a top strategist at Morgan Stanley.
  • ECONOMIC SLOWDOWN Malpass noted on Wednesday that large economies including Germany, the U.S. and China had already seen slowdowns in economic growth, while Ukraine and Russia were both expected to experience sharp GDP contractions as a consequence of the war.
  • The World Bank had already warned of a global food crisis that could lead to “human catastrophe,” with supply disruptions stemming from Russia’s invasion of Ukraine predicted to push food prices up by as much as 37%.

Click To Read Full Article

ORGANIZATION
LOCATION
PERCENT
GEOGRAPHY
PERSON
GROUP
MISCELLANEOUS

This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2021 Kwhen Inc.

Was this content valuable for you?