DailySA: World Bank’s global recession warning – Forward Observer

DailySA: World Bank’s global recession warning

Good morning. Here’s your Daily Situational Awareness for Friday, 27 May 2022. You can receive this daily briefing by signing up at https://forwardobserver.com/daily-sa

SITUATIONAL AWARENESS

WORLD BANK’S GLOBAL RECESSION WARNING: Head of the World Bank, David Malpass, warned of a global recession caused by the war in Ukraine. Global price increases in food, energy, and fertilizer are setting in rapidly, and Malpass believes the economic forecast is grim. “As we look at the global GDP… it’s hard right now to see how we avoid a recession,” Malpass said. He said the ongoing lockdowns in Chinese shipping and manufacturing hubs are “still having ramifications or slowdown impacts on the world.” – D.M.

CHINA CONDUCTS JOINT MILITARY EXERCISES NEAR TAIWAN IN RESPONSE TO BIDEN ASIA VISIT: China’s Eastern Military District commander announced that the Peoples’ Liberation Army (PLA) had conducted joint air and naval exercises near Taiwan this week. The PLA spokesman stated, “Taiwan is a part of China, and the PLA Eastern Theater Command is determined to safeguard national sovereignty and regional peace and stability.” Senior Colonel Shi Yi added that the exercises were launched as a warning against recent U.S. support for Taiwan independence forces. – M.M.

NEW GUN LAWS TAKING SHAPE: The Senate continues negotiation on expanding gun control legislation. Two of the more likely proposals include a “narrow expansion” of background checks and grants to states to implement “red flag” laws. The bill offered by Sen. Booker (D-NJ) appears to be shelved in favor of more passable legislation. – D.M.

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