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World Bank chief says global recession over Ukraine situation is hard to avoid

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“This (the situation in Ukraine) is a huge negative factor. The epicenter of this is Ukraine itself, but also in Russia, it seems, the economy will shrink by 15% or more. This is a negative situation for the Russian people and especially negative for the Ukrainian people, of course. But in the future, it is spreading abroad, “he said, speaking at a seminar organized by the US Chamber of Commerce on Wednesday. “So if we look at global GDP, it’s hard to see how we can avoid a recession right now,” Malpas said.

According to him, in general, the situation remains extremely uncertain, so it is difficult to make clear predictions. At the same time, there are many variables that would help to improve the situation, including “increasing the supply of energy suppliers” in the market. “Obviously, one of the variables would be the end of the war by Russia in Ukraine, which, of course, would be a positive factor, but now it is difficult to predict or know when this will happen,” he said. .

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On February 24, Russian President Vladimir Putin announced a special military operation in Ukraine in response to a request for help from leaders of the Donbass republics. He stressed that Moscow’s plans do not include the occupation of Ukrainian territories, and the goals are to demilitarize and denazify the country. The United States and its allies have responded by imposing large-scale sanctions on the Russian Federation and stepping up arms deliveries to Kyiv.

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