World Bank President David Malpass and IMF (International Monetary Fund) Managing Director Kristalina Georgieva said there is a growing risk of global recession, with inflation remaining an ongoing problem following Russia’s invasion of Ukraine.
“There is a risk and a real danger of a worldwide recession next year,” Malpass said in a dialogue with Georgieva at the start of the two institutions’ annual meetings. He cited slowing growth in developed economies and currency depreciation in many developing countries.
Georgieva said the IMF sees “a significant problem” in China, the world’s second-largest economy, where volatility is hampering growth.
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