War could cause global recession, says World Bank

War could cause global recession, says World Bank

The head of the World Bank has warned Russia's invasion of Ukraine could lead to a global recession as the prices of food, energy and fertiliser jump, Qazet.az reports.

David Malpass says many European countries are still too dependent on Russia for oil and gas. He says moves by Russia to cut gas supplies could cause a "substantial slowdown" in the region.

He adds higher energy prices are already weighing on Germany, one of the world's largest economies.

Russia and Ukraine are some of the biggest producers in fertiliser and food, and Malpass, speaking in the US yesterday, said developing countries are already being affected by shortages.