ALBAWABA - World Bank President David Malpass emphasized the massive economic challenges facing the world, primarily rising inflation, interest rate hikes and high debts which are affecting growth and investment in developing countries.
He said that 700 million people live in extreme poverty, asserting the importance of investing in people, especially in education, for human capital accumulation and development.
Great to speak with @CAU President George French.
— David Malpass (@DavidMalpassWBG) May 5, 2023
We discussed the @WorldBank Group's ongoing collaboration with HBCUs and the need for greater partnerships to increase development and poverty alleviation through the exchange of people, ideas, and skills. https://t.co/1AHa2VyUVB pic.twitter.com/p5WKKwf1Vt
Turning to the American economy, Malpass said that reducing interest rates alone will not solve the problem, as it can lead to rising inflation, ultimately hurting the poor. He called for a balance between low inflation and a stable dollar.
Our special edition of the #DevelopmentPodcast features highlights of speakers and topics from the @WorldBank -@IMFNews Spring Meetings, including @DavidMalpassWBG.
— World Bank Gov (@wbg_gov) May 5, 2023
? Listen now: https://t.co/58InaXy3Gi pic.twitter.com/COvMK90V4R
