Tuesday’s warning by David Malpass, President and CEO of the World Bank was that there will be a global recession.
He pointed out the conflict in Ukraine and continued inflation as the reasons for his prediction that the world’s economy will grow by 1.7% in 2018 compared to the predicted 3.3% in June according BBC.
Malpass, who is married to Adele Malpass, President of Daily Caller News Foundation, stated that the economic downturn would be “broad-based”, which will limit individual income growth at a slower pace than in the decade before Covid-19.
Kristina Georgieva (International Monetary Fund’s managing director) echoed these sentiments during a January 1 interview with Face The Nation. She said that 2023 would be “a harder year than the one before us.” ”
Georgieva explained to Margaret Brennan her reasons for being less optimistic about the U.S.A. and E.U. China and the U.S. are the two largest economies in the world. ”
The Telegraph reported, that if the predictions of a global recession come true, it would be the first time since World War II that two global recessions have occurred within the same decade.