Category: David Malpass

World Bank’s Malpass Sees Risk of Stagflation, Likely Recession in Europe

WASHINGTON—World Bank President David Malpass on Wednesday warned that it could take years for global energy production to diversify away from Russia after its invasion of Ukraine, prolonging the risk of stagflation, or a period of low growth and high inflation. In a speech at Stanford University, Malpass said there was an increased likelihood of…


World Bank Sees Rising Risk of Global Recession in 2023

WASHINGTON—The world may be edging toward a global recession as central banks across the world simultaneously hike interest rates to combat persistent inflation, the World Bank said on Thursday. The world’s three largest economies—the United States, China, and the euro area—have been slowing sharply, and even a “moderate hit to the global economy over the…


World Bank Says War to Cut Global Growth, Boosts Financing Target

WASHINGTON—The World Bank is reducing its global growth forecast for 2022 by nearly a full percentage point, to 3.2 percent from 4.1 percent, due to the impacts from Russia’s invasion of Ukraine, World Bank President David Malpass said on Monday. Malpass told reporters on a conference call that the World Bank was responding to the…


Poor Country Debt Could Worsen Due to Commodity Prices, Interest Rates: Malpass

CAIRO—The debt situation for poor countries could worsen due to volatile commodity prices and higher interest rates, World Bank President David Malpass said on Thursday, urging countries to begin a gradual fiscal consolidation to maintain investor confidence. As of mid-2021, over half of the world’s poorest countries “are in external debt distress, or at risk…