World Bank's Malpass sees risk of stagflation, likely recession in Europe
- United States
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.
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.
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