WORLD BANK / DAVID MALPASS

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29-Sep-2022 00:05:38
In a speech ahead of the IMF-World Bank Group Annual Meetings titled “The Crisis Facing Development” at Stanford University, World Bank Group President David Malpass warned that a series of harsh events and unprecedented macroeconomic policies are combining to throw development into crisis. WORLD BANK

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STORY: WORLD BANK / DAVID MALPASS
TRT: 05:38
SOURCE: WORLD BANK
RESTRICTIONS: NONE
LANGUAGES: ENGLISH / NATS

DATELINE: 28 SEPTEMBER 2022, STANFORD, CALIFORNIA, USA

SHOTLIST:
1. Various shots, exterior, Stanford University
2. SOUNDBITE (English) David Malpass, President, World Bank Group:
“The crisis facing development is intensifying. Developing countries are in the middle of one of the most internationally synchronous episodes of monetary and fiscal policy tightening of the past five decades. More spending on education and health preparedness are urgently needed and developing country governments will need to spend their limited budget in these sectors more efficiently. The fiscal needs can also be helped with decisive action to broaden the tax bases and improve collection efficiency. Debt relief from bilateral and commercial creditors will also play a key role in the most indebted countries. At the same time, the climate crisis caused by greenhouse gas emissions continues to be relentless. Climate-related natural disasters are impacting agriculture production, livelihoods of people across sectors of the economy, and migration. To support climate action, many developing countries need massive investments, concessional finance, and grants to enable their energy, transport, and agriculture transitions. Large sources of funding are also needed to support adaption and resilience in most developing countries.”
3. Various shots, audience at speech by David Malpass hosted by Stanford Institute for Economic Policy Research and King Center of Development at Stanford University
4. SOUNDBITE (English) David Malpass, President, World Bank Group:
“The human consequence of these overlapping crises is catastrophic. Evidence by the World Bank shows that 70% of children in low- and middle-income countries are unable to read or understand a basic text by age 10, a dramatic deterioration due to COVID-19-related school closures. The recent floods in Pakistan have left over 1,500 people dead. Man-made greenhouse gas emissions are causing climate change, which in turn is having tragic impacts on development in multiple ways. Both adaptations by countries and people harmed by climate change and mitigation of greenhouse gas emissions are urgently needed. This set of challenges receives the largest share of World Bank Group resources and focus.”
5. Various shots, audience at speech by David Malpass hosted by Stanford Institute for Economic Policy Research and King Center of Development at Stanford University
6. SOUNDBITE (English) David Malpass, President, World Bank Group:
“With inflation high, several tools are available beyond interest rate hikes: first, create the conditions for supply to increase in response to price increases; markets are forward looking, so even the announcement of future supply by private investors and governments would help; second, in the advanced economies, reduce the size of government current spending and improve efficiency by targeting it more on the poor and vulnerable; this would reduce non-productive demand and leave more space for global capital markets to fund investment, taking pressure off inflation; and third, reduce the maturity of the central banks’ current and future bond holdings; this would send a signal to markets that capital can flow to other assets such as the short-term floating rate capital needed by smaller businesses to increase global output.”
7. Various shots, audience at speech by David Malpass hosted by Stanford Institute for Economic Policy Research and King Center of Development at Stanford University
8. SOUNDBITE (English) David Malpass, President, World Bank Group:
“Weathering this perfect storm and undoing the recent reversals in development require new macro- and micro-economic pathways in both advanced and developing countries. The urgency is clear in daily news reports of inflation, climate change, famine, civil protests, and violence. The World Bank Group is fully engaged in these challenges, realistic in our assessments, and eager to work on solutions with all of you participating today.”
9. Various shots, exterior, Stanford University

STORYLINE:
In a speech ahead of the International Monetary Fund (IMF)-World Bank Group Annual Meetings titled “The Crisis Facing Development” at Stanford University, California, World Bank Group President David Malpass warned that a series of harsh events and unprecedented macroeconomic policies are combining to throw development into crisis.

He said that Europe is confronting the sudden spike in energy prices caused by Russia’s invasion of Ukraine and market rigidities.

He also warned the weakness of the euro and high inflation increase the likelihood of a European recession and further constrain the eurozone’s longer-term growth outlook.

President Malpass described how China’s economy has slowed sharply due to COVID-19-related lockdowns, pushing the World Bank’s 2022 forecast for China down to 2.8% from 5% in April.

Facing these overlapping crises, he warned that a pressing danger for the developing world is that the sharp slowdown in global growth deepens into a global recession.
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WORD BANK
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