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Sunday, November 27, 2022
HomeEconomyWorld Bank and IMF bosses see rising risks of global recession

World Bank and IMF bosses see rising risks of global recession

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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.

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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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