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
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
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.