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Opening Remarks by World Bank Group President David Malpass during the Launch of the International Debt Report 2022

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dc.contributor.authorMalpass, David
dc.date.accessioned2023-01-19T20:37:52Z
dc.date.available2023-01-19T20:37:52Z
dc.date.issued2022-12-06
dc.description.abstractThese opening remarks were delivered by World Bank Group President David Malpass during the Launch of the International Debt Report 2022 on December 6, 2022. He spoke about the World Bank identified the stagflation risk early in that year which brings three risks: a global recession in 2023; a multi-year period of slow growth; and widespread asset repricing as higher interest rates are applied, and hedges run out. He mentioned that the interest rates were very low for a long period allowing a huge use of capital by fully-funded governments and business sectors, and this misallocation of global capital undercuts growth and productivity and will take time to repair. He spoke about energy prices that are a major factor, with shortages of fertilizer and food hitting people in the poorest countries particularly hard. He highlighted on the combination of extremely high government debt levels and rising interest rates will cause heavy absorption of global capital by advanced governments for a prolonged period. He said that the World Bank’s latest debt statistics report released that day makes it clear that a debt crisis in the world’s poorest countries is intensifying. He mentioned that to address the increase in debt and the new composition, he has focused on improvements in three areas - debt sustainability, transparency, and restructuring. He spoke on debt restructuring, where new mechanisms are needed to reflect the new creditor landscape. He concluded by saying that together with the Kristalina Georgieva from the IMF, they will engage with Chinese authorities and with their policy banks – the China ExIm Bank and the China Development Bank on the need for faster progress on resolving unsustainable debt and the need for more transparency.en
dc.identifierhttp://documents.worldbank.org/curated/en/099728012082232973/IDU05207d3680c0108e930690cb7bd1b1d
dc.identifier.doi10.1596/38518
dc.identifier.urihttps://hdl.handle.net/10986/38518
dc.languageEnglish
dc.language.isoen
dc.publisherWashington, DC: World Bank
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectSTAGFLATION RISK
dc.subjectINTERNATIONAL DEBT REPORT 2022
dc.subjectGLOBAL RECESSION
dc.subjectSLOW GROWTH
dc.subjectASSET REPRICING
dc.subjectRISING INTEREST RATES
dc.titleOpening Remarks by World Bank Group President David Malpass during the Launch of the International Debt Report 2022en
dc.typeSpeechen
dc.typeDiscoursfr
dc.typeDiscursoes
dspace.entity.typePublication
okr.crossref.titleOpening Remarks by World Bank Group President David Malpass during the Launch of the International Debt Report 2022
okr.date.disclosure2022-12-08
okr.date.doiregistration2025-05-08T13:32:21.173435Z
okr.date.lastmodified2022-12-08T00:00:00Zen
okr.doctypeSpeeches of World Bank Presidents [collection under construction]::A. Speeches by David R. Malpass (2019 to present)
okr.docurlhttp://documents.worldbank.org/curated/en/099728012082232973/IDU05207d3680c0108e930690cb7bd1b1d
okr.guid099728012082232973
okr.identifier.externaldocumentumIDU-5207d368-c7d8-4671-8e93-690cb7bd1b1d
okr.identifier.internaldocumentum33952629
okr.identifier.report178430
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099728012082232973/pdf/IDU05207d3680c0108e930690cb7bd1b1d.pdfen
okr.topicFinance and Financial Sector Development::Debt Relief and HIPC
okr.topicFinance and Financial Sector Development::Strategic Debt Management
okr.topicInternational Economics and Trade::External Debt
okr.topicMacroeconomics and Economic Growth::Economic Forecasting
okr.topicMacroeconomics and Economic Growth::Economic Insecurity
okr.unitOffice of the Vice President (ECRVP)
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2. Speeches by David R. Malpass (2019 to 2023)