World Bank's Banga sees 'some degree' of lower growth, higher inflation due to war

- World Bank President Ajay Banga on Tuesday said the war in the Middle East would result in some degree of slower growth in the global economy and higher inflation, regardless of how quickly it ended.

Banga, speaking at an event hosted by the Atlantic Council, said the World Bank was able to quickly disburse billions of dollars in funding to countries affected by the war using its crisis windows, as it did during the height of the COVID-19 crisis.

He said he expected finance officials gathering in Washington next week for the spring meetings of the World Bank and International Monetary Fund to discuss how the two institutions could help countries hit hard by rising energy prices and supply chain disruptions as a result of the war.