World Bank President David Malpass indicated on Wednesday that the Russian war in Ukraine and its impact on food and energy prices could lead to a global recession.

Malpass told the U.S. Chamber of Commerce that the German economy, the fourth largest economy in the world, has already slowed significantly due to rising energy prices, and said that reduced fertilizer production could worsen conditions elsewhere.

Malpass said, "As we look at global GDP... it is now difficult to see how we avoid a recession."

He added that the economies of Ukraine and Russia are expected to contract significantly, while Europe, China, and the United States are experiencing slower growth.

He said developing countries are hit harder due to shortages in fertilizer stock, food, and energy supplies. He said, "The idea of doubling energy prices is enough to cause a recession by itself."

In China, he said the relatively sharp slowdown in growth depends on the COVID-19 pandemic, inflation, and the existing real estate crisis the country was facing.

The World Bank had already lowered its global growth forecast for 2022 by about a full percentage point last month, to 3.2% from 4.1%, due to the effects of the Russian invasion of Ukraine. Malpass did not specify when the global recession might begin.