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World Bank boss warns over global recession due to Ukraine War: What To Do About it

There were already multiple reports of slowing economies due to Covid then the war in Ukraine caused more disruption. Here is an overview of a world bank view by BBC:

The head of the World Bank has warned that the increase in price of food, energy, and fertilizer as a result of Russia’s invasion of Ukraine could cause a global recession. David Malpass made this announcement in the United States at a business event on Wednesday. In addition, Malpass also said the Covid-19 lockdowns occurring in China are adding to the possibilities of a slowdown of the economy.

Malpass mentioned that just the doubling energy prices is enough to cause a contraction in the economy. The World Bank’s global economic growth forecast for the year was cut by almost a full percentage point last month, now sitting at 3.2%. European countries’ dependence on Russian energy sources has created burdens on the economies, especially while avoiding using Russian energy because of the war. In China, it was announced on Wednesday that the country had been hit harder by this round of lockdowns than those at the beginning of the pandemic and they are causing a sharp slowdown in economic activity all over the country.

Read more: World Bank boss warns over global recession due to Ukraine War

As for what to do about the shifting world economy, the short answer for most businesses is to continue to focus on automation and innovation and to do so smartly. It requires judgement and vision and persistence to invest in automation during an economic downturn, but for those who do, rewards will come in terms of eventual productivity gains and more reliable supply chains. Services businesses and investors should also react to the economic downturn. For the last year most have sought ways to conserve cash to invest when the time is right. Judgement will be required to determine when the time is right.

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