Author of the article:
Reuters
WASHINGTON — World Bank President David Malpass on Wednesday warned that it could take years for global energy production to diversify away from Russia, prolonging the risk of stagflation, or a period of low growth and high inflation.
In a speech at Stanford University, Malpass said there was an increased likelihood of recession in Europe, while China’s growth was slowing sharply, with grave consequences for developing countries.
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Addressing the current “perfect storm” of rising interest rates, high inflation and slowing growth – and undoing the reversals in development required new macro- and microeconomic approaches, Malpass said. (Reporting by Andrea Shalal; Editing by Sandra Maler)
