Raising the bar on debt data transparency

Total public debt stands at an alarming 50-year high in low- and middle-income economies,jun2022_debttransparency_datablog_mainimage the equivalent of more than 200 percent of government revenues. With the pandemic-induced economic slowdown, the impact of the war in Ukraine, and the rise of interest rates, many countries are facing severe challenges in servicing their debt. 

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2022 World Bank Group Spring Meetings Events

UPCOMING EVENTS

April 19 | 11:30 AM EDT

The Way Forward:

Responding to Global Shocks and Managing Uncertainty

Responding to Global Shocks and Managing Uncertainty
The 2022 Spring Meetings are taking place in the shadow of war in Ukraine and rising global challenges due to conflict, COVID-19, and climate change. Join this conversation between IMF Managing Director Kristalina Georgieva and World Bank Group President David Malpass as they provide insights and highlight potential solutions to tackle challenges during this complex time. #ResilientFuture

Braving the Storms: The outlook for East Asia and the Pacific, illustrated

The Russian invasion of Ukraine threatens the uneven recovery of developing East Asia and Pacific (EAP) countries.   The invasion comes on top of the economic distress caused by the lingering COVID-19 pandemic, the financial tightening in the United States, and the pandemic resurgence and the economic slowdown in China. While commodity producers and fiscally solid countries in the region may weather these shocks with less difficulty, these events will dampen the growth prospects of most economies in the region. Overall economic growth is projected to slow to 5 percent in 2022— 0.4 of a percentage point less than expected in October.  If global conditions worsen and national policy responses are weak, growth could ease further.

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Are we ready for the coming spate of debt crises?

Higher inflation. Slower growth. Tightening financial conditions.

In recent weeks, Russia’s invasion of Ukraine has exacerbated global economic risks.  There is a fourth element, however, that could make the mix combustible: the high debt of emerging markets and developing economies.

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Spring Meetings 2022

Conflict, COVID and climate change have combined to create unprecedented challenges for developing countries. At these Spring Meetings – taking place in the shadow of war in Ukraine – the World Bank Group will convene leaders, experts and activists to discuss the impact of these global shocks on the most vulnerable communities.

Spring Meetings Program

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Global Economic Prospects 2022

The global recovery is set to decelerate markedly amid continued COVID-19 flare-ups, GEP-2022a-Front-Coverdiminished policy support, and lingering supply bottlenecks. In contrast to that in advanced economies, output in emerging market and developing economies (EMDEs) will remain substantially below the pre-pandemic trend over the forecast horizon. The global outlook is clouded by various downside risks, including renewed COVID-19 outbreaks due to Omicron or new virus variants, the possibility of de-anchored inflation expectations, and financial stress in a context of record-high debt levels. If some countries eventually require debt restructuring,
this will be more difficult to achieve than in the past. Climate change may increase commodity price volatility, creating challenges for the almost two-thirds of EMDEs that rely heavily on commodity exports and highlighting the need for asset diversification. Social tensions may heighten as a result of the increase in between-country and within-country inequality caused by the pandemic. Given limited policy space in EMDEs to support activity if needed, these downside risks increase the possibility of a hard landing. These challenges underscore the importance of strengthened global cooperation to foster rapid and equitable vaccine
distribution, proactive measures to enhance debt sustainability in the poorest countries, redoubled efforts to tackle climate change and within-country inequality, and an emphasis on growth-enhancing policy interventions to promote green, resilient, and inclusive development and on reforms that broaden economic activity to decouple from global commodity markets.

 

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