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The global economy is "dangerously close" to a <keyword id="6357558" type="General" weightage="20" keywordseo="recession" source="Orion">recession</keyword>, as inflation remains elevated, interest rates rise, and growing debt burden hits the developing world, <keyword id="6354424" type="General" weightage="100" keywordseo="world-bank" source="Orion">World Bank</keyword> President David <keyword id="3839455" type="General" weightage="80" keywordseo="malpass" source="Orion">Malpass</keyword> said. "We've lowered our 2023 growth forecast from 3 per cent to 1.9 per cent for the global growth, that's dangerously close to a world recession," Malpass said at a press conference during the IMF and World Bank annual meetings on Thursday. "All of the problems that people have taken note of, the inflation problem, the interest rate rises, and the cutoff of capital flow to developing world hit the poor hard," he said, highlighting the buildup of debt for developing countries. "That's a world recessions could happen under certain circumstances," Malpass said. In a study published in mid-September, the World Bank warned that as central banks across the world simultaneously hike interest rates in response to inflation, the world may be edging toward a <keyword id="44850" type="General" weightage="20" keywordseo="global-recession" source="Orion">global recession</keyword> in 2023, with a growth forecast of only 0.5 per cent, reports Xinhua news agency. The World Bank chief noted at the press conference that world population growth is estimated at 1.1 per cent per year. "So if you get much slower in terms of world growth, that means people are going backward," Malpass said in response to a question from Xinhua. Citing a recent World Bank report, Malpass said that the Covid-19 pandemic dealt the biggest setback to global poverty-reduction efforts since 1990, pushing about 70 million people into extreme poverty in 2020, and the war in Ukraine threatens to make matters worse. According to the Poverty and Shared Prosperity Report, global median income declined by 4 per cent in 2020, the first decline since its measurements of median income began in 1990. "So if we have a world recession now, that would also depress median income, meaning that the people in the lower half of the income scale are going down," Malpass said. The World Bank chief also noted that he has been concerned about the concentration of capital in the world in the top end of the advanced economies. "So that's, I think, one of the issues that the world has to deal with to allow capital to flow to new businesses and to developing countries, that would take a change in the direction of fiscal and monetary policies in the advanced economies," said Malpass. The world is facing very challenging environment from the advanced economies, and that has serious implications, dangers for the developing countries, he said. "My deep concern is that these conditions and trends might persist into 2023 and 2024."

Global economy dangerously close to a recession: World Bank

<ul class="summary-list"><li>Food, energy, and fertilizer prices have soared since Russia invaded Ukraine.</li><li>The commodities surge could lead to negative GDP growth, according to <keyword id="11898619" type="UNKNOWN" weightage="60" keywordseo="world-bank" source="Orion">World Bank</keyword> president David Malpass.</li></ul>Russia's invasion of Ukraine has caused commodity prices to rise to such an extent that a global <keyword id="12460783" type="UNKNOWN" weightage="60" keywordseo="recession" source="Orion">recession</keyword> may now be inevitable, according to the president of the World Bank."As we look at the global GDP ... it's hard right now to see how we avoid a recession," David Malpass told the US Chamber of Commerce on Wednesday, according to <a href="https://www.reuters.com/markets/europe/world-banks-malpass-says-war-ukraine-may-trigger-global-recession-2022-05-25/">a Reuters report</a>."The idea of <keyword id="11994712" type="UNKNOWN" weightage="60" keywordseo="energy-prices" source="Orion">energy prices</keyword> doubling is enough to trigger a recession by itself."Malpass pointed to the negative impact from soaring food, energy, and fertilizer prices, in particular. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">Crude oil</a> prices have risen 20% to $111 a barrel since Russia attacked Ukraine in late February.Gas prices have soared so high in the US that <a href="https://markets.businessinsider.com/news/commodities/gas-prices-record-high-us-demand-destruction-crude-oil-prices-2022-5">demand for gasoline is dropping</a> just as the summer driving season is about to begin. Earlier in the year, President Joe Biden warned that Americans will likely feel "<a href="https://www.businessinsider.com/biden-us-ban-russian-oil-natural-gas-coal-imports-report-2022-3">Putin's price hike"</a> at the gas pump for the foreseeable future.<a href="https://markets.businessinsider.com/news/commodities/food-export-bans-inflation-wheat-oil-palm-beef-2022-5">Ground beef, sunflower oil, and wheat have all surged in price</a>, with analysts predicting a prolonged period of food <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword>. Meanwhile, the <a href="https://fertilizerpricing.com/priceindex/">Green Markets North America fertilizer price index</a> — which tracks the costs of urea, potash, and diammonium phosphate — has risen 14% since Russia's assault on Ukraine began.Commodity price rises can lead to a recession because they help drive up inflation, which <a href="https://www.businessinsider.com/inflation-cpi-april-gas-food-energy-price-growth-russia-ukraine-2022-5">has hit 8.3% in the US</a> and is running at similar <a href="https://markets.businessinsider.com/news/currencies/uk-inflation-energy-april-cost-of-living-bank-of-england-2022-5">40-year highs in the UK</a>. Central banks will tend to hike interest rates to curb inflation, which hits economic growth.Malpass noted that developing countries were most likely to be plunged into recession by soaring food, energy, and fertilizer prices."It's a very difficult, challenging outlook for advanced economies, but even worse for developing countries," he said.The World Bank <a href="https://markets.businessinsider.com/news/bonds/world-bank-global-growth-forecast-relief-package-debt-crisis-ukraine-2022-4">cut its 2022 global growth forecast from 4.1% to 3.2%</a> in April, citing the impact of Russia's invasion on gross domestic product."Countries are under severe financial stress," Malpass said at the time. "Sixty percent of low-income countries are already in debt distress or at high risk of it."Read more: <a href="https://www.businessinsider.com/stock-market-crash-stocks-to-buy-bear-market-protection-upside-2022-5" target="_blank" rel="noopener noreferrer">Morgan Stanley's Mike Wilson says the S&amp;P 500 will fall by another 14% into a bear market. He recommends buying these 15 stocks to weather the plunge and outperform peers when the bull returns</a>.

World Bank warns a global recession looks inevitable as food and energy prices spiral

<ul class="summary-list"><li>Rising prices are likely to exacerbate malnutrition and <keyword id="11964087" type="UNKNOWN" weightage="60" keywordseo="poverty" source="Orion">poverty</keyword> rates, the bank's president said.</li><li>The <keyword id="11898619" type="UNKNOWN" weightage="60" keywordseo="world-bank" source="Orion">World Bank</keyword> also said countries closing off food markets would exacerbate the crisis.</li></ul>Higher energy and fertilizer prices as a result of Russia's invasion of Ukraine could reduce future global food harvests, the head of the World Bank said, risking further pressure on <keyword id="12062969" type="UNKNOWN" weightage="60" keywordseo="food-prices" source="Orion">food prices</keyword> which have surged by more than a third over the past year.Speaking at a US Treasury event on tackling food insecurity on April 19, World Bank president David Malpass said that the invasion had "triggered major threats to global food and nutrition security." The World Bank's food price index reached an all-time high in March, he said, when prices rose 11.5%, and a year-on-year increase of 37%."In the near-term, there has been a pronounced spike in the prices of key food staples, including wheat and wheat substitutes," Malpass said. "Second, future harvests may be reduced due to higher energy and fertilizer prices. Crop yields all over the world depend on fertilizer and the price of oil and natural gas.In an <a href="https://www.bbc.com/news/business-61171529">interview with the BBC</a>published on Thursday, Malpass said that the world faces a "human catastrophe," with people in low- and middle-income countries facing the greatest fallout from the effects on food supply stemming from the war in Ukraine."It's a human catastrophe, meaning nutrition goes down. But then it also becomes a political challenge for governments who can't do anything about it, they didn't cause it and they see the prices going up," he told the outlet.Prices of corn and wheat in particular <a href="https://www.businessinsider.com/what-russias-invasion-ukraine-means-global-food-supplies-2022-3">have surged</a> since Russia's invasion of Ukraine, as conflict curtails production and export of the grains from the region. The two are <a href="https://www.businessinsider.com/what-russias-invasion-ukraine-means-global-food-supplies-2022-3">key players</a> in the global commodities markets, with Russia accounting for almost 17% of the world's supply of wheat, while Ukraine is a significant exporter of both wheat and corn, accounting for <a href="https://think.ing.com/articles/russia-ukraine-conflict-what-it-means-for-grain-markets">12% and 17% of global supply,</a> respectively. The fallout of the conflict has also seen <a href="https://www.businessinsider.com/russian-oligarch-warns-world-faces-food-crisis-ukraine-invasion-2022-3">fertilizer prices soar</a>, adding to farmers' costs, and further <a href="https://www.businessinsider.com/what-russias-invasion-ukraine-means-global-food-supplies-2022-3">inflating food prices</a> that were already sitting at or near record highs due to <a href="https://www.businessinsider.com/what-russias-invasion-ukraine-means-global-food-supplies-2022-3">t</a>he pandemic. Malpass said food prices of many different crops are being impacted."It's affecting food of all different kinds: oils, grains, and then it gets into other crops, corn crops, because they go up when wheat goes up," told the BBC.The World Bank warned in a <a href="https://news.un.org/pages/wp-content/uploads/2022/04/UN-GCRG-Brief-1.pdf">April 13 report</a> that countries closing off food markets through trade restrictions and export bans would exacerbate the crisis."We also urge all countries to keep trade open and avoid restrictive measures such as export bans on food or fertilizer that further exacerbate the suffering of the most vulnerable people," the bank, the International Monetary Fund, UN World Food Program, and the World Trade Organization said in a <a href="https://www.worldbank.org/en/news/statement/2022/04/13/joint-statement-the-heads-of-the-world-bank-group-imf-wfp-and-wto-call-for-urgent-coordinated-action-on-food-security">joint statement on the same day of the report.</a>Malpass also warned that countries should not subsidize production nor cap prices, instead telling the BBC that the focus should be on increasing supplies of food and creating assistance programs for the world's poorest.He <a href="https://www.worldbank.org/en/news/speech/2022/04/20/spring-meetings-press-conference-opening-remarks-world-bank-group-president-david-malpass">told reporters</a> on April 20 at the joint IMF-World Bank meetings that the bank has committed to its largest set of financing commitments ever as a result of the Ukraine crisis, totaling $170 billion dollars over the next 15 months.

World Bank warns that higher fertilizer and energy costs pose a threat to harvests after global food prices soar by more than one-third

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Thomson ReutersRepublican presidential nominee Donald Trump speaks at a campaign rally in Reno</div></div></div>Donald Trump's campaign tied the <a href="http://www.businessinsider.com/us-jobs-report-september-2016-2016-10">September jobs numbers</a>, which missed expectations, to the "failing" economic policies of President Barack Obama and Hillary Clinton.The US economy <a href="http://www.businessinsider.com/us-jobs-report-september-2016-2016-10">added 156,000 jobs in September</a>, and the unemployment rate unexpectedly ticked up. Still, the increase in nonfarm payrolls was lower than expected."Today's weak September jobs report confirmed what people feel - that the Clinton-Obama economy is failing them," David Malpass, senior economic adviser for the Trump campaign, said in a statement Friday. "Americans desperately need more jobs and new economic policies, not the same-old, same-old offered by the Clinton campaign."The statement continued: "The report shows a troubling long-term trend: after seven hard years of the Clinton-Obama administration their policies still can't produce better-paying jobs and upward mobility."Despite the jobs numbers missing expectations, economists <a href="http://blogs.wsj.com/economics/2016/10/07/economists-react-to-the-september-jobs-report-stubbornly-average/">didn't seem too alarmed</a>.Malpass made the case that Trump would be better for the economy than a Clinton administration."Four more years of Clinton-Obama policies would mean four more years of mediocrity or worse for American workers," Malpass said in the statement. "Americans deserve change and are demanding it. Lower taxes and regulatory reform under the leadership of President Trump will bring back earnings trapped abroad and will create the jobs that families deserve."Akin Oyedele contributed to this report. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/poll-hillary-clinton-lead-donald-trump-hispanic-nbc-wall-street-journal-2016-9">Clinton opens up a massive lead against Trump, with lopsided support from a key voting demographic</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5yeHYxNjE6ixP3ifhliNyOMFcdkq2l6u" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Trump campaign releases statement on September jobs report: 'The Clinton-Obama economy is failing'

<ul class="summary-list"><li>The <keyword id="11898619" type="UNKNOWN" weightage="60" keywordseo="world-bank" source="Orion">World Bank</keyword> sees much of the world sliding into a <keyword id="12460783" type="UNKNOWN" weightage="60" keywordseo="recession" source="Orion">recession</keyword> in 2022 as inflation stays high.</li><li>The organization cut its 2022 global growth forecast to 2.9% from 4.1% in projections published Tuesday.</li></ul>The future of the world <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> looks much worse than it did just months ago, and most countries will have a hard time avoiding downturns in the near future, according to a new <a href="https://thedocs.worldbank.org/en/doc/18ad707266f7740bced755498ae0307a-0350012022/related/Global-Economic-Prospects-June-2022-Foreword.pdf">report</a> from the World Bank.The global economy entered 2022 with a healthy tailwind. Vaccine rollouts and nationwide reopenings unleashed a wave of spending and extraordinary economic growth last year. That boost has now faded, and new pressures are hampering growth around the world. The Russian invasion of Ukraine exacerbated inflation for key goods like gasoline and food. Supply-chain snags continue to disrupt global trade. Lockdowns in China risk throwing the manufacturing sector into a new tangle.Those factors all led the World Bank to lower its forecast for 2022 global growth. The organization now sees the world economy expanding 2.9% through the year, down from the 4.1% forecasted in January and the 5.7% gain seen through last year."For many countries, recession will be hard to avoid," David Malpass, president of the World Bank, said in the Tuesday report.Among the biggest risks to the recovery is stagflation, he added. The term references periods of weak economic growth and persistently high inflation. The US last dealt with the phenomenon in the 1970s, and the high interest rates needed to cool inflation posed massive economic hardships on Americans.Stagflation could reverse much of the progress made over the past two years, particularly if it emerges on a global scale."With inflation now running at multidecade highs in many countries and supply expected to grow slowly, there is a risk that inflation will remain higher for longer than currently anticipated," Malpass said, adding that "subdued growth" will likely last throughout the 2020s.While the global outlook looks dim, the <a href="https://www.businessinsider.com/most-americans-think-the-us-is-already-in-a-recession-2022-6">US economy continues to show signs of strength</a>. The May jobs report offered an encouraging sign for the US economy, with the country adding <a href="https://www.businessinsider.com/may-jobs-report-390000-payrolls-labor-market-hiring-unemployment-rate-2022-6">a better-than-expected 390,000 payrolls</a> last month despite rising interest rates. There "<a href="https://www.businessinsider.com/recession-2022-outlook-may-jobs-report-federal-reserve-inflation-economy-2022-6">doesn't really seem to be strong economic evidence</a>" that the US recovery is slowing "dramatically," Daniel Zhao, a senior economist at Glassdoor, told Insider.Former Goldman Sachs CEO Lloyd Blankfein said in a Friday <a href="https://twitter.com/lloydblankfein/status/1532862653672173568?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1532862653672173568%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.businessinsider.com%2Fmost-americans-think-the-us-is-already-in-a-recession-2022-6">tweet</a> that people should "dial back a bit of the negativity on the <keyword id="11921641" type="UNKNOWN" weightage="60" keywordseo="economic-outlook" source="Orion">economic outlook</keyword>," reversing course from more bearish statements made <a href="https://www.businessinsider.com/goldman-sachs-former-ceo-blankfein-warns-companies-consumers-recession-risk-2022-5">just weeks prior</a>.Still, a resilient US economy won't shield the rest of the world from a recession. Developing countries are the most exposed to downturn risks. The war in Ukraine is already slamming countries unable to pay for pricier energy and food. External public debt in developing countries also stands at record highs. As central banks rush to cool inflation with interest rate hikes, that debt will put serious pressure on emerging economies and could even spill over into middle-income nations.Avoiding such an outcome will require policy action in five areas, Malpass said. Governments should limit the harm to those affected by the invasion of Ukraine through immediate aid and long-term relocation support. Boosting the supply of oil and food can calm some inflationary pressures, as can speeding up the transition to sustainable energy. Policymakers should also improve public health efforts to stem the spread of COVID-19 and step up debt relief efforts to help low-income countries bridge the period of weaker growth."There is good reason to expect that, once the war in Ukraine stops, efforts will redouble—including by the World Bank Group—to rebuild the Ukrainian economy and revive global growth," Malpass said. "In the meantime, policy makers everywhere must fight the world's other development crises."

Recession 'will be hard to avoid' across most of the world, World Bank says

<ul class="summary-list"><li>The <keyword id="11898619" type="UNKNOWN" weightage="60" keywordseo="world-bank" source="Orion">World Bank</keyword> lowered its forecast for global economic growth on Monday, citing Russia's invasion of Ukraine.</li><li>The organization sees growth hitting 3.2% in 2022, down from the January estimate of 4.1%.</li></ul>The economic recovery from the pandemic was already expected to slow as markets and supply chains around the world gradually returned to normal, but Russia's invasion of Ukraine is hitting the brakes harder than economists expected just months ago.The World Bank slashed its forecast for global growth on Monday, citing the conflict in Ukraine and its sweeping effects on inflation, supply chains, and financial-sector stress. The organization now sees global economic output rising 3.2% through 2022, President David Malpass said Monday, according to <a href="https://www.reuters.com/business/world-bank-says-war-cut-global-growth-boosts-financing-target-2022-04-18/?taid=625d6ee92d4cd2000149a7ec&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitter">Reuters</a>. That's down from the 4.1% forecast the bank's economists shared in January.If the projection comes to fruition, growth will be around half the 5.7% pace seen through 2021. While global gross domestic product has already rebounded from the lows of the coronavirus <keyword id="12460783" type="UNKNOWN" weightage="60" keywordseo="recession" source="Orion">recession</keyword>, the recovery has been uneven.Advanced economies led the way by unleashing unprecedented government stimulus and historically low interest rates. Developing countries, however, lacked the same tools for buoying their economies and have generally recovered at a much slower clip. The Delta and Omicron waves saw similar divergences, as <a href="https://www.businessinsider.com/map-vaccine-divide-few-rich-countries-rest-world-2021-7">vaccine rollouts have also been uneven</a>.The World Bank even sees the European and Central Asian economies shrinking 4.1% through the year, Reuters reported. The contraction — which the organization sees as the biggest factor dragging on overall global growth — is mostly tied to the conflict in Ukraine and its effects on inflation.The war has already boosted prices for a range of crucial commodities <a href="https://www.businessinsider.com/russia-ukraine-inflation-lifting-prices-american-shoppers-gas-wheat-nickel-2022-3">including oil, wheat, fertilizer, and natural gas</a>. The uptick in prices has raised concerns that, in order to cool inflation, <a href="https://www.businessinsider.com/recession-outlook-arguments-inflation-forecasts-federal-reserve-ukraine-war-downturn-2022-4">central banks will slow major economies too aggressively</a> and spark new recessions.Along with the weaker economic forecasts, Malpass also proposed a 15-month aid plan of $170 billion to counter war-related economic stresses. The organization aims to dole out $50 billion of the funds over the next three months."This is a continued, massive crisis response given the continuation of the crisis," Malpass said, according to <a href="https://www.bloomberg.com/news/articles/2022-04-18/world-bank-cuts-2022-global-growth-outlook-on-russia-invasion?srnd=economics-vp">Bloomberg</a>.The announcement comes days before the World Bank holds a spring meeting that's expected to address inflation, food insecurity, and other economic pressures linked to the invasion.The World Bank's latest estimates join others bracing for a weaker recovery in the months ahead. Federal Reserve policymakers <a href="https://www.businessinsider.com/federal-reserve-inflation-economic-projections-march-fomc-meeting-price-growth-2022-3">lowered their US growth forecast</a> in mid-March, linking the bleaker outlook to the invasion and sky-high inflation. Wall Street giant Deutsche Bank went one step further in early April, lowering its growth estimates and <a href="https://www.businessinsider.com/stock-market-crash-forecasts-wall-street-deutsche-bank-recession-2022-4">predicting the US will slide into a recession</a> by the end of 2023.The World Bank's latest estimates still see the world <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword> avoiding a recession. But with the war pushing forward and <a href="https://www.businessinsider.com/inflation-cpi-march-price-growth-report-gas-food-costs-climbing-2022-4">inflation running at the highest levels in decades</a>, downside risks abound.

Russia's invasion is already hobbling the global economic recovery from the pandemic, World Bank says

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Aaron P. Bernstein/Getty ImagesRepublican presidential candidate Donald Trump speaks at the American Legion Convention September 1, 2016 in Cincinnati, Ohio. Trump spoke about his plans to secure the border and reform the Veterans Administration.</div></div></div>Donald Trump's campaign reacted to the <a href="http://www.businessinsider.com/us-jobs-report-august-2016-2016-9">disappointing August jobs report</a> on Friday by contending it was further proof of the "stagnant Clinton-Obama economy.""The lack of good-paying jobs is a direct result of the Clinton globalist policies that have sent US jobs and industries overseas," said David Malpass, a senior economic adviser to Trump.The US economy added 151,000 jobs in August, fewer than forecast, while the unemployment rate was unchanged at 4.9%.Wage growth was weaker than expected."The offshoring of good-paying American jobs and the replacement of American workers at home with lower-paid foreign labor, whether illegal or on work visas, has destroyed upward mobility, consumer purchasing power and the tax base of state, local, and federal governments," Malpass said.He added: "The unemployment rate is unchanged at 4.9% rate. The country's labor force participation rate is 62.8%, near a historic low. The Clinton-Obama recovery is seven years of failure on virtually every significant metric - growth, income, trade and jobs. Donald Trump's policies will put America First, Make America Work Again and Make America Great Again."Trump has made the economy one of the core tenets of his campaign. Throughout the election cycle, the New York businessman has championed anti-free trade rhetoric and hardline immigration policies as his solutions to create more jobs for Americans.Akin Oyedele contributed to this report. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-twitter-morning-joe-scarborough-hosts-mika-brzezinski-2016-8">Trump strikes back after 'Morning Joe' host says he sounded like 'he's had a lot to drink'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="p2NTJoNTE6szdj6gXaZRauws5brrQbEB" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Trump campaign reacts to disappointing jobs report: 'Direct result' of 'globalist policies'

The total external debt of the world's poorest countries increased by 9.5 per cent to a record $744 billion dollars in 2019, according to the <keyword id="6354424" type="DEFINITION" weightage="20" keywordseo="world-bank">World Bank</keyword>. "Before the onset of the <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">Covid-19</keyword> pandemic, rising public debt levels were already a cause for concern, particularly in many of the world's poorest countries," Xinhua news agency quoted the multilateral lender as saying in a statement during the annual meetings of the World Bank Group and International Monetary Fund (IMF) on Monday. The G20 endorsed the Debt Service Suspension Initiative (DSSI) in April this year to help up to 73 of the poorest countries manage the impact of the pandemic, allowing them to suspend payments on official bilateral debt until the end of 2020, the World Bank said. World Bank Group President David Malpass haf previously urged the G20 countries to extend the time frame of the DSSI through the end of 2021 and commit to give the initiative as broad a scope as possible. According to the World Bank Group's latest International Debt Statistics (IDS) report released on Monday, the total external debt of countries eligible for the G20 debt relief program climbed to a record last year, "highlighting an urgent need for creditors and borrowers alike to collaborate to stave off the growing risk of sovereign-debt crises triggered by the Covid-19 pandemic". The pace of debt accumulation for these countries was nearly twice the rate of other low- and middle-income countries in 2019, the report noted. "It's been very important that leaders of poorest nations speak up and speak out about the need for a lighter debt burden from the creditor nations," Malpass said on Twitter on Monday. "That dialogue hasn't been as robust yet as I think is necessary to move this process along," the World Bank chief added. Finance ministers and central bank governors from the G20 economies are scheduled to meet virtually on Wednesday, and were expected make a decision on further extension of debt service relief. <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-daily-covid-19-cases-are-below-60000/articleshow/78633846.cms">India's daily COVID-19 cases are below 60,000, says Union Health Ministry</a>

World's poorest countries witness 9.5% increase in external debts, says World Bank

AP Photo/Lee Jin-man<ul><li>International lenders warned Wednesday that global growth would fall this year as the coronavirus spread.</li><li>They urged governments to spend what was necessary to address the human and economic effects of the outbreak.</li><li>The IMF revised its 2020 forecast for global growth to below the 2.9% rate seen in 2019, a break with previous expectations for GDP to expand at a faster rate than last year. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit the Business Insider homepage for more stories</a>.</li></ul>International lenders warned Wednesday that global growth would fall this year as the <a href="https://www.businessinsider.com/china-virus-everything-we-know-deadly-2019-ncov-wuhan-spread-2020-1">coronavirus</a> spread, and urged governments to spend what was necessary to address the human and economic effects of the outbreak."We, unfortunately, over the last week have seen a shift to a more adverse scenario for the global economy," International Monetary Fund Managing Director Kristalina Georgieva said of the respiratory illness COVID-19.The IMF revised its forecast for global growth to below the 2.9% rate seen in 2019, a break with previous expectations for gross domestic product to expand at a faster rate than last year.Georgieva said the institution should provide "all available financing instruments" to nations in need. While the global economy was on better footing than during the 2008 financial crisis, she added, it would be better for governments to act preemptively through response measures than to not do enough."I cannot emphasize enough how urgent it is for authorities to lean forward in funding outbreak-related health spending and the need to match demand with supply of the necessary protective and treatment health products," she said, also noting that any other shocks could be addressed through well-targeted measures. "This is a no regrets policy."Alongside Georgieva, World Bank President David Malpass said timeliness and coordination would be key in the global response to coronavirus. On Tuesday, the bank announced it would offer $12 billion in immediate funds to help member nations address the human and economic impacts of the outbreak."Speed is needed to save lives at this point," Malpass said, adding that the World Bank would roll out more virus-related operations this month."The breadth of the response is key to effectiveness," he said. "Most effective is if it's broad and brings in many countries."The institutions noted any fiscal and monetary stimulus should not shift resources away from business capital. Governments and central banks around the globe have taken steps to stem the economic fallout from COVID-19. On Wednesday, the Federal Reserve <a href="https://markets.businessinsider.com/news/stocks/fed-cuts-interest-rates-50bps-stimulate-economy-protect-from-coronavirus-2020-3-1028960234">unexpectedly slashed interest rates</a> by a half percentage point. It was the first emergency measure from the central bank since the financial crisis, reflecting growing concerns about the resilience of the US economy. <h3>NOW WATCH: <a href="https://www.businessinsider.com/disney-parks-disneyland-world-expensive-exclusive-resort-walt-cinderella-2019-4">9 of the most exclusive Disney spots to visit, including the invite-only Cinderella Suite where Tom Cruise and Mariah Carey have stayed</a></h3>

IMF slashes key growth forecast and warns against 'a more adverse scenario for the global economy' as coronavirus spreads

<ul class="summary-list"><li>The <keyword id="11898619" type="UNKNOWN" weightage="60" keywordseo="world-bank" source="Orion">World Bank</keyword> slashed its global growth forecast from 4.1% to 3.2% on Monday, pointing to the Russia-Ukraine war. </li><li>"Sixty percent of low-income countries are already in debt distress or at high risk of it," the World Bank said.</li></ul>The World Bank cut its forecast for global growth for the year due to <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword> and is preparing an aid package that is bigger than its COVID-19 response.The international lender lowered its 2022 growth view from 4.1% to 3.2%, led by declines in Europe and Central Asia.Additionally, debt-ridden, developing nations continue to struggle, and the World Bank hasn't yet finalized a strategy to alleviate concerns, President David Malpass said in a media call Monday."Countries are under severe financial stress," he said. "Sixty percent of low-income countries are already in debt distress or at high risk of it."The World Bank's board will discuss a 15-month, $170 billion funding package to cover April 2022 through June 2023, he said. That exceeds the $157 billion of pandemic relief funds the World Bank mobilized. Last month, the World Bank announced a $3 billion package for Ukraine that it expects to distribute over the coming months, Bloomberg reported. Meanwhile, <a href="https://www.businessinsider.com/russia-debt-default-us-could-seize-assets-resolution-ukraine-sanctions-2022-4">Russia is suffering from its own debt crisis</a> as Western sanctions have crippled Moscow's ability to service foreign-currency bond payments while its <a href="https://www.businessinsider.com/russia-economy-gdp-crash-ukraine-war-inflation-sanctions-energy-putin-2022-3">economy is expected to crash by 15% this year</a>.

World Bank slashes global growth forecast due to Russia's invasion of Ukraine and preps a relief package bigger than its COVID-19 funding

<ul class="summary-list"><li>The <keyword id="47890" type="ORGANIZATION" weightage="60" keywordseo="global-economy">global economy</keyword> will grow 5.6% - the most in 80 years - in 2021, the <keyword id="6354424" type="DEFINITION" weightage="60" keywordseo="world-bank">World Bank</keyword> said Tuesday.</li><li>Yet <keyword id="116702" type="PERSON" weightage="60" keywordseo="emerging-economies">emerging economies</keyword> will largely fall behind due to debt pressures and slow vaccination.</li><li>Advanced economies must help with vaccination and policy support to avoid worsening inequalities, the World Bank said.</li></ul>The strongest economic rebound in eight decades will still leave much of the world struggling with the aftermath of the COVID-19 pandemic, the World Bank said Tuesday.The global <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> is expected to grow 5.6% through 2021, the institution said in a <a href="https://www.worldbank.org/en/news/press-release/2021/06/08/world-bank-global-economic-prospects-2021">semiannual report</a> published Tuesday. The forecast is up from a prior estimate of 4.1% growth and calls for the largest one-year expansion of the postwar era.Yet the world will still be far from retaking the economic highs of early 2020. Global economic output will sit 2% below its pre-pandemic projections at the end of this year, the World Bank said. And in two-thirds of emerging economies, per-capita income will remain below pre-crisis levels through 2022.The recovery has been and will continue to be uneven, David Malpass, president of the World Bank Group, said. Economic superpowers must support low-income countries with vaccination efforts and economic support if they hope to combat inequities through the rebound."While there are welcome signs of global recovery, the pandemic continues to inflict poverty and inequality on people in developing countries around the world," Malpass said.The US is projected to grow 6.8% through the year due to its leveraging of unprecedented fiscal and monetary support. That's up from a January estimate of 3.5%. China's economy is expected to grow 8.5%, up from a prior forecast of 7.9%.Excluding China, emerging market and <keyword id="151680" type="PERSON" weightage="60" keywordseo="developing-economies">developing economies</keyword> will lag the broader recovery with growth of 4.4%, the World Bank said. The countries' recoveries were likely to widen gaps in health, education, and living standards, all while advanced economies ride a wave of outsize demand to new eras of economic health.<h2>Developing nations face slow vaccination and fast inflation</h2>The cause of such countries' underperformance is fairly predictable. While the US, UK, and much of the Eurozone charge forward with vaccinations, developing countries are falling behind, and many are in the midst of their worst infection surges yet. Unless vaccination picks up in the embattled regions, persistent lockdowns risk slower growth and long-term scarring, the World Bank said.Small, tourism-dependent economies are also set to fall behind, according to the report. Although advanced economies are steadily reopening, global travel will likely take longer to return to pre-pandemic norms as some restrictions stay in place. A lack of tourist income will hinder countries' ability to pay for economic relief and public-health measures.Looming inflation concerns also threaten to hold emerging economies back, Ayhan Kose, director of the World Bank Prospects Group, said. Many emerging market and developing economies relied on fiscal support to bridge the pandemic downturn, but such aid left countries saddled with record debt piles. Now, as inflation surges in advanced economies, developing countries are stuck without additional stimulus and huge financial concerns."Unless risks from record-high debt are addressed, these economies remain vulnerable to financial market stress should investor risk sentiment deteriorate as a result of inflation pressures in advanced economies," Kose said.When stronger inflation does slam emerging economies, it's likely to show up in soaring food prices, the World Bank added. The trend stands to further inflame food insecurity in low-income countries. Policymakers should look to keep inflation expectations in check and improve social safety nets to ensure the inflation overshoot doesn't turn into a prolonged upward spiral, the institution said.

Why the biggest global boom since World War II won't be good for everyone, according to the World Bank

<a href="https://www.businessinsider.com/financing-a-sustainable-future-2022"></a><div type="image" title="A person being vaccinated against Covid-19 on May 14, 2022 in Noida, India." height="2624" width="3498" msid="91692043" hostid="261"></div><ul class="summary-list"><li>The COVID-19 pandemic exposed inequities in access to healthcare around the world and depleted focus on other health needs.</li><li>The second Global COVID-19 Summit last week focused on the situation today and a fund by the <keyword id="11898619" type="UNKNOWN" weightage="60" keywordseo="world-bank" source="Orion">World Bank</keyword> to mitigate a future crisis. </li></ul>Speakers at the <a href="https://www.state.gov/second-global-covid-19-summit/">second Global COVID-19 Summit</a> said it: The current crisis isn't over. But getting ready for the next pandemic is essential, even as countries continue on the <keyword id="13988012" type="UNKNOWN" weightage="60" keywordseo="path" source="Orion">path</keyword> to recovery. The virtual summit, which was held last week and co-hosted by the US, Belize, Germany, Indonesia, and Senegal, secured financial commitments from some of the participating countries for a new proposed health fund that would be housed at the World Bank, intended to underwrite a speedy response to a future pandemic. It emerged as the result of a task force imitated by the G20 in October 2021. "The new Financial Intermediary Fund, or FIF, for Pandemic Prevention, Preparedness and Response at the World Bank will complement our financing and technical advice — core instruments that strengthen health systems and preparedness," said David Malpass, president of World Bank Group, at the summit. "The FIF is an important part of the solution to build country, regional, and global capacity," he added. "It will bring additional, dedicated resources, incentivize countries to increase investments, and enhance coordination among partners."Malpass said the Bank hopes to finalize the fund by June and launch it later this year. "We are determined to do all we can to help countries vaccinate their populations, particularly the most vulnerable, working with international partners and with countries in the lead."Supporters of the fund say the structure could help mitigate the inequities that have been a feature of COVID, where richer countries have had access to more testing, vaccines, and care. "We have all learned in the last couple of years that countries will take care of themselves if they're able to," said Heather Ignateus, managing director, advocacy and public policy at <a href="https://www.path.org/">PATH</a>, a nonprofit focused on <keyword id="12189695" type="UNKNOWN" weightage="60" keywordseo="global-health" source="Orion">global health</keyword> equity. "Countries that do require external support often don't get what they need for a rapid and equitable response to global health challenges."Ignateus says that work on this idea started back during the 2014 Ebola outbreak and that the key feature of the fund is to ensure that dedicated resources are available from day one of the next pandemics. Moreover, it will direct funding to build out infrastructure where it is currently lacking, which is essential to effectively manage an outbreak. Some $712 million toward the FIF were promised during the summit, including $200 million from the US, adding to a previous $250 million that had already been pledged. President Joe Biden's 2023 budget also requests an additional $4.75 billion for the fund. Other countries also pledged funds, including Germany, with EUR 50 million, and $450 million from the European Union. <h2>Balancing pandemic readiness with the 'aftershocks' of COVID</h2>Good health and wellbeing are Goal 3 of the <a href="https://sdgs.un.org/goals">UN Sustainable Development Goals</a>, with the target of ensuring healthy lives and wellbeing for all people by 2030. COVID has "halted or reversed" progress toward global health goals and exacerbated inequities in healthcare, according to the<a href="https://unstats.un.org/sdgs/report/2021/The-Sustainable-Development-Goals-Report-2021.pdf"> latest UN SDG report</a>, including reproductive care and mental health. In the wake of another pandemic, the FIF is meant to supply the needed funding so that resources used to fight other diseases aren't depleted. But the World Health Organization says that even COVID-related programs, like the Access to COVID Tools (ACT) Accelerator, which was set up in 2020, needs additional funding. "The FIF is being established at a moment when core global public health goods are seriously underfunded-in particular, the [ACT Accelerator], which plays a central role in addressing the current gross inequity in access to Covid testing, treatments, and vaccine between high-income countries and LMICs." read the WHO statement. "It is critical that the FIF does not undermine financing for existing urgent public health needs."<a href="https://www.one.org/international/press/one-reaction-to-the-european-commissions-commitment-at-the-global-covid-summit/">The One Campaign</a>, which is focused on reducing poverty and preventable diseases, praised EU investment in the FIF fund, while maintaining that COVID is not the only problem that needs to be addressed. "[FIF investment] must be complemented with leadership to tackle the aftershocks of this pandemic — such as setbacks in AIDS, tuberculosis, and malaria," said Emily Wigens, EU director at the <keyword id="13988011" type="UNKNOWN" weightage="60" keywordseo="one-campaign" source="Orion">ONE Campaign</keyword> in a statement. "We have the tools and the knowledge to finish the fight against these deadly diseases — now we need political will."

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Global economy dangerously close to a recession: World Bank

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World's poorest countries witness 9.5% increase in external debts, says World Bank

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Why the biggest global boom since World War II won't be good for everyone, according to the World Bank

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