The president of the World Bank has warned that the war in Ukraine could spark a global recession
He said Germany's economy, the world's fourth largest, has already slowed significantly due to higher energy prices.
"As we look at the global GDP ... it's hard right now to see how we avoid a recession," he said, speaking at an event hosted by the US Chamber of Commerce."The idea of energy prices doubling is enough to trigger a recession by itself," he added. China's economy has been hit especially hard due to the added pressure of the coronavirus pandemic, which led authorities to impose lockdown restrictions in Shanghai, as well as a pre-existing real estate crisis.
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