In Post Covid World economic growth will be driven by US China and India says the World Bank

2021-04-08 12:59:43 Exim News

The Post Covid World, the Economic growth will be driven primarily by the United States, China and India according to the assessment by the World Bank.

There is now a faster global growth driven primarily by the US, China and India, World Bank President David Malpass has said even as he expressed concern over growing inequality due to the Covid-19 pandemic. There is concern of inequality in terms of vaccinations and median income that’s not going up very fast for some countries.

The annual spring meeting, which is being held virtually, focused on vaccines, climate change, debt and recovery.

There’s the good news that there is faster global growth driven primarily by the US, China, and India, having strong rebounds,” Mr. Malpass told reporters at the start of the Spring meeting of the International Monetary Fund (IMF) and the World Bank. The annual spring meeting, which is being held virtually, focused on vaccines, climate change, debt and recovery.

Malpass also spoke about inequality in terms of the bankruptcy process, which is not available to sovereign countries, so the poorer countries do not have a way out of these very heavy debt burdens. “There’s also inequality in terms of access to credit with a lot of the stimulus going to the upper end. Small businesses, new entrants, women that would like to start a business, having great difficulty getting credit,” he said.

World Bank and the IMF are working closely together to have successful implementation of the G20’s Common Framework to deal with unsustainable debt situations.

The slowness in the vaccine rollout, particularly in Europe, is concerning Mr. Malpass said

Replying to a question, Mr. Malpass said that the slowness in the vaccine rollout, particularly in Europe, is concerning. We see in the news everyday some of the various challenges that the countries face. I fervently believe and hope for a faster rollout as excesses become available in other countries. And, we can look to the regulatory agencies to work smoothly toward their approvals so that more vaccines can be approved,” he said. He said that people getting vaccinated is an important part of their safety and global recovery.

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