NewsGate Press Network

World Bank President David Malpass on Thursday the 13th of October 2022 warned that the global economy is “dangerously close” to a recession and called for targeted support for the poor.

“The growth rate, we’ve lowered our 2023 growth forecast from 3 per cent to 1.9 per cent for global growth. That’s dangerously close to a world recession, and that’s – a world recession could happen under certain circumstances,” Malpass told reporters on the sidelines of the annual meeting of the World Bank and the International Monetary Fund here.

All of the problems that people have taken note of, the inflation problem, the interest rate rises, and the cutoff of capital flows to the developing world hits the poor hard, he said, adding that’s a huge challenge for the bank.

“We are focused on helping people get ahead in developing countries, and right now there have been reversals. The countries, of course, are all different. So, we’ll have a discussion today of certain countries. So, it’s not monolithic at all,” Malpass said.