There is now faster global growth driven primarily by the United States, China and India, World Bank President David Malpass said, even as he expressed concern over rising prices. inequalities due to the COVID-19 pandemic.
He also said here the concern of inequalities in terms of vaccinations and median income which is not increasing very quickly for some countries.
“But there is also the fear that there are inequalities. The inequality in terms of vaccinations, in terms of median income which does not increase very quickly for some countries and may even decrease. There is the differential of interest rates, where mediocre countries face much higher interest rates and they haven’t come down like global interest rates have, ”he said.
“There is the good news that there is faster global growth driven mainly by the United States, China and India, which are having strong rebounds,” Malpass told reporters at the start of the meeting. spring of the International Monetary Fund (IMF) and the World Bank.
The virtual spring annual meeting focuses on vaccines, climate change, debt and collection.
Malpass said there is an inequality in terms of the bankruptcy process, which is not available to sovereign countries, so poorer countries have no way out of this very heavy burden of bankruptcy. debt.
“There are also inequalities in terms of access to credit with much of the stimulus going upwards, and people who don’t have such a clean credit rating, or small businesses, the new ones. new entrants, women who would like to start a business, having great difficulty in obtaining credit, ”he said.
According to Malpass, the World Bank and the IMF are working closely together to successfully implement the G20 Common Framework to deal with unsustainable debt situations.
The private sector has been asked to provide comparable treatment when it comes to debt, he said.
Responding to a question, Malpass said the slow rollout of vaccines, especially in Europe, is cause for concern.
“It’s disappointing. We see in the news every day some of the different challenges that countries face. I fervently believe or wish and hope for a faster roll-out as excesses become available in others. And we can look to regulatory agencies to work smoothly towards their approvals so that more vaccines can be approved, ”he said.
He said people who get vaccinated are an important part of their safety and global recovery.
“So I share the feeling that Germany said today at the G20 that there may be a relaxation of its GDP growth forecast (gross domestic product) linked to the vaccine problem, and that this redoubles the urgency and everyone’s efforts to have more vaccines available around the world, ”Malpass added.
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