The President of the World Bank Group, David Malpass, told a United States business event on Wednesday that avoiding a recession in the world now is almost impossible.
The comments are the latest warning over the rising risk that the world economy may be set to contract with the protraction of the ongoing Russia-Ukraine war.
“As we look at the global GDP… it’s hard right now to see how we avoid a recession,” Malpass said.
“The idea of energy prices doubling is enough to trigger a recession by itself,” he added.
Malpass also said that many European countries were still too dependent on Russia for oil and gas, just as Western nations push ahead with plans to reduce their dependence on Russian energy.
At the same time, developing countries are being affected by shortages of fertiliser, food, and energy.
Reacting to this, economic and financial experts have warned that Nigeria could face serious economic consequences if the global economy contracts into a recession, as predicted by the World Bank.
The war between Russia and Ukraine, many have said, will continue to have far-reaching consequences due to interests from foreign countries that have caused a ripple effect across the global economic space.