World Bank’s Malpass says war in Ukraine may trigger global recession

© Reuters. FILE PHOTO: World Bank President David Malpass attends a news conference at the Diaoyutai state guesthouse in Beijing, China November 21, 2019. REUTERS/Florence Lo

WASHINGTON (Reuters) – World Bank President David Malpass on Wednesday suggested that Russia’s war in Ukraine and its impact on food and energy prices, as well as the availability of fertilizer, could trigger a global recession.

Malpass told an event hosted by the U.S. Chamber of Commerce that Germany, the world’s fourth largest economy, has already seen a substantial economic slowdown due to higher energy prices, and said limited access to fertilizer could worsen conditions elsewhere

“As we look at the global GDP … it’s hard right now to see how we avoid a recession,” Malpass said.