FINANCE • ECONOMY

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

BY CHLOE TAYLOR
May 26, 2022 5:03 AM EDT

The head of the World Bank sounded the alarm over an impending global recession on Wednesday, warning it was difficult to envision a future where a worldwide downturn could be avoided.

Speaking at an event hosted by the U.S. 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.

“As we look at global GDP…it’s hard right now to see how we avoid a recession,” he said. “The idea of energy prices doubling is enough to trigger a recession by itself.”

Malpass did not elaborate to give a specific forecast on how deep a recession might be.

{snip}