WB sounds alarm – World has faced crisis


September 29, Fineko/abc.az. The weakening of the euro and high inflation increase the likelihood of recession in Europe, ABC.AZ reports, citing WB president David Malpass.

He added that the most serious threat to the developing world is sharp slowdown in global growth, which is developing into global recession. Many developing countries failed to reach the pre-pandemic level of per capita income.

Recalling that the US economy contracted during the first two quarters of this year, David Malpass said that China's economic growth also slowed sharply due to quarantine measures taken against the Covid-19 outbreak.

By Elmir Murad