World Bank president warns of ‘global recession’ risk, calls energy supply a 'key variable'

It’s not a global recession yet, the downside risk is that it could be a global recession,” Malpass warned in an interview with Bloomberg. “One of the key variables is whether supply comes back online to add growth and slow the inflation rate,” Ha aggiunto.

This is the sharpest slowdown in 80 anni,” Malpass remarked, noting that the recent economic downturn è “really hitting the poorer countries hard.

NEW YORK TIMES REPORTS HOW THE BIDEN ADMINISTRATION IS STRUGGLING TO TALK ABOUT INFLATION: ‘PROBLEM FROM HELL’

World Bank President David Malpass attends the UN Climate Change Conference (COP26) in Glasgow, Scozia, Gran Bretagna, novembre 3, 2021.

World Bank President David Malpass attends the UN Climate Change Conference (COP26) in Glasgow, Scozia, Gran Bretagna, novembre 3, 2021. (REUTERS/Yves Herman)

Jonathan Ferro, anchor ofBloomberg Markets: The Open”, remarked, “When we have these conversations, we talk about maybe lasting 6 mesi, you go into 2023, things change. The essence of this at the epicenter of it is a dynamic that lasts for years. David, this stagflationary story could last for years.

Is that really the case for you, and over what regions? Is this a global story, or more concentrated for emerging markets and developing economies?” Ferro asked.

Malpass responded thatit’s globalbut noted itparticularly hits the developing countries.

The reason that this is a prolonged risk for the world is that we’re coming off of a very exceptionally low period of interest rates,” Egli ha detto. “Last year I called it uncharted territory on both fiscal policy, which was massively expansionary, and the monetary policy.

AMID RISING GAS PRICES, YELLEN SLAMMED FOR CALLING WIND AND SOLAR ‘CRITICAL’: ‘TAKES TONE DEAF TO A NEW LEVEL’

High gas prices are posted at a full service gas station in Beverly Hills, Calif. (AP Photo/Damian Dovarganes)

High gas prices are posted at a full service gas station in Beverly Hills, Calif. (AP Photo/Damian Dovarganes)

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