Malpass told a virtual event hosted by the Washington Post newspaper the sanctions would have a bigger impact on global economic output than the war itself. But he said that based on current assessments, he does not anticipate the crisis ending the global recovery and reducing global GDP.
He said he expected a robust response by producers around the world to increase supplies as needed, and saw no need for people to have extra stockpiles in their kitchens or restaurants.
He said he anticipates big increases in supply of energy outside of Russia and food outside of Russia and Ukraine that will ease the impact of war-driven price spikes and help sustain recovery.
He said that energy supplies may be increased faster than food supplies, given that agricultural adjustments typically take about a year.