President of the World Bank: The Threat of a Global Recession Next Year is Real

World | October 11, 2022, Tuesday // 08:39|  views

World Bank President David Malpass

There is a real threat that the world will fall into recession next year”, World Bank President David Malpass said before the start of the fall meetings of the bank and the International Monetary Fund. According to Malpass, development efforts around the world are currently facing a series of problems:

"Debt levels for developing economies are becoming an increasing burden. Rising interest rates are compounding the situation. Inflation continues to be a problem, especially for the poor. We have a lot of data on this topic at the World Bank, especially with last week's report on poverty. It's the first one in two years, you know - it's a two-year cycle. We have 70 million people who have fallen into poverty in that period, and also, it's very disturbing that there's a 4% drop in the number of people with average income," Malpass noted.

The managing director of the International Monetary Fund, Kristalina Georgieva, indicated for her part that the world cannot afford inflation to continue to rise for too long and become a "runaway train". Georgieva described the factors for high inflation:

"The effect of Covid-19 on supply chains, this senseless war that is causing prices to rise, especially for energy and food".

Once again, Kristalina Georgieva stressed that the fight against climate change should not stop and reminded that humanity "can survive high inflation and recession, but not unrelenting climate change".

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Tags: recession, inflation, malpass, world


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