World Bank’s nightmare warning of toxic stagflation

Published

2 years ago

June 8, 2022

Brittany Coles

Soaring food and energy costs threaten to throw livelihoods further into reverse

One survey shows one in six British households have turned to a food bank.

The World Bank is urging immediate action, from debt relief, to urging nations not to put restrictions on food exports.

This comes as countries around the world are facing recession as the Ukraine war hits economies already rocked by the Covid pandemic

According to the World bank, Less developed countries in Europe and east Asia face a “major recession”

The World Bank President says the war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth.

“For many countries, recession will be hard to avoid,” the President says.

He warns that with inflation now running at multi-decade highs in many countries and supply expected to grow slowly, there is a risk that inflation will remain higher for longer.

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