World Bank President David Malpass said Sunday that the world economy is undergoing a “sharp slowdown” due to Russia’s invasion of Ukraine, and warned it will be difficult for some countries to avoid recession.
“We’ve seen the world growth fall by half since January, in terms of GDP growth,” Malpass said in an interview on CBS News’ “Face the Nation,” according to a transcript, adding that inflation and food shortages in poorer countries are exacerbating the problem.
““The bottom line is, there needs to be lots more production, and that’s most available to the strongest countries. The U.S. is the world’s biggest economy and can increase production more than anybody else.”” He described one ripple effect, about how the shortage of natural gas is leading to a global food crisis: “A giant source of fertilizer is from natural gas through the ammonium channel, into the most useful fertilizer, and it also is used to make the electricity that converts the minerals into fertilizer. And that’s just not happening. So, a lot of the world is shutting down for lack of fertilizer.
France Dernières Nouvelles, France Actualités
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