WASHINGTON (Reuters), a Wednesday statement by David Malpass, President of the World Bank, suggested that Russia’s invasion in Ukraine could cause a recession. He also mentioned its effects on food and energy prices and availability of fertiler.

Malpass spoke at an U.S. Chamber of Commerce event and stated that Germany’s fourth-largest economy has seen an already significant economic slowdown because of higher energy prices. He also said that limited fertilizer access could lead to worsening conditions elsewhere.

Malpass stated, “As we examine the global GDP…it’s difficult right now to understand how we avoid recession.”