Trade to the Rescue: Unleashing Global Trade to Support Economic Growth

Expanding trade flows can be part of the solutions to global challenges, when accompanied by the right policies. World Bank President David Malpass and WTO Director General Ngozi Onkonjo-Iweala discussed how global trade has limited the extend of the current global recession and laid out the practical steps countries could take to spread the benefits of trade more widely. Trade costs, on average, are equal to a 114 percent tariff on imported goods in developing countries. Much of that burden on consumers is the result of inefficient border procedures and poor transportation infrastructure.  Trade facilitation reforms and investment in infrastructure could give a big boost to trade within regions. Betty Maina, Kenya’s Minister of Industrialization, Trade and Enterprise Development, spoke of how trade liberalization is a central part of her country’s aspirations for incomes and development.

“Trade can be a powerful catalyst for growth and social economic development and poverty reduction, particularly if we implement it with the poor in mind,” Maina said.

Leaders from the public and private sectors discussed the importance of investments in logistics and expanding trade finance that could strengthen the contribution of trade to economic recovery, and noted the ways that trade could help developing countries mitigate and adapt to climate change. 

 

Ensuring a Strong Recovery for Developing Countries

The global economy is experiencing an uneven recovery, with the risk that it will worsen wrapup780x439inequality and leave low- and middle-income countries behind.  The path of the COVID-19 pandemic remains uncertain, with obstacles to vaccination in many countries.  Developing economies face challenges that could slow their recovery for years to come.  To help, the World Bank Group has mounted the largest crisis response in its history, and it is uniquely positioned to help ensure that all countries can participate in a green, resilient, and inclusive return to stability and growth.

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Annual Meetings 2021: Civil Society Townhall with World Bank Group President David Malpass

How is the World Bank Group focusing on resilient recovery in the post-pandemic era? Every year during the Annual Meetings, the Civil Society Townhall provides an opportunity for civil society representatives to dialogue with the President and Bank leadership.

In the first virtual Civil Society Townhall held on October 12, World Bank Group President David Malpass will discuss the Bank’s efforts to protect human capital, address countries’ excessive debt burdens, and facilitate an inclusive, resilient recovery from COVID-19.

Ending the Pandemic: The Road to an Inclusive Recovery

9d6b5b471827492035cdad3b5fcaace1bb8650ad49096b84bb64bbbfd45b00bcJoin us for the remainder of the week for more live events, including discussions on Making Climate Action Count and Trade to the Rescue. Join His Royal Highness, the Prince of WalesJanet YellenNgozi Okonjo-Iweala, and many other experts as we continue with our 2021 World Bank Group/IMF Annual Meetings. Visit World Bank Live to join in the conversation or watch our previous sessions – where you can see discussions on ending the pandemic and promoting growth in a time of crisis, watch the Civil Society Town Hall or take advantage of a host of other resources available on demand.    

 

 

2021 Annual Meetings Opening Press Conference  

e33a07eaf7505b4f094dc0698ba9f3248bac9b2dea380c9637cc4c07e10af98fWorld Bank Group President David Malpass addressed the press and provided updates on the World Bank Group’s efforts to rapidly scale-up efforts to help countries acquire and deploy vaccines, talked about assisting countries in accelerating an end to the pandemic, and explored options for building a green, resilient, and inclusive recovery.

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Ending the Pandemic: The Road to an Inclusive Recovery

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The Multilateral Leaders Task Force led by the heads of the IMF, World Bank, World Health Organization, and World Trade Organization convened to discuss accelerating global access to vaccines and finding ways to support an inclusive global recovery.

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SPEECH: Development in a Time of Upheaval

In his September 30 speech, World Bank Group President David Malpass stressed that the poor are being left behind in a global tragedy of inequality. The speech, delivered in Khartoum, Sudan and titled “Development in a Time of Upheaval,” emphasized the need to focus on four key areas to promote sustainable growth and prosperity: achieving economic stability, leveraging the digital revolution, making development greener and more sustainable, and investing in people.

 
 

Annual Meetings 2021! Tune in.

The World Bank Group/IMF Annual Meetings run from October 11, 2021 through October 17, 2021 and feature events on: Growth in a Time of Crisis (Oct. 11); Ending the Pandemic (Oct. 12); Making Climate Action Count (Oct. 14); and Trade to the Rescue (Oct. 15). The meetings will also feature a Civil Society Town Hall (Oct. 12) and an Opening Press Conference (Oct. 13). Join us on World Bank Live to watch live events, view event recaps, ask questions, vote in polls, and have your voice heard! 

At your service? Developing economies bet on service industries for growth

Manufacturing has been the surest way for low- and middle-income economies to reduce poverty and create good jobs. But developing nations have increasingly been redirecting their focus to the services sector to catch up with their developed counterparts.

Will the shift work?

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Development in a Time of Upheaval: Speech by World Bank Group President David Malpass

Ahead of the World Bank Group-IMF Annual Meetings, President Malpass delivers a speech in Khartoum, Sudan, entitled “Development in a Time of Upheaval. ” President Malpass will set out the major challenges and opportunities in building a resilient and inclusive recovery for all. He will look at the dynamics of recent global economic growth that have contributed to inequality and a reversal in development progress. President Malpass will also explore how to remove or confront obstacles to development such as high debt, high trade costs, and the diminished capacity of many middle-income countries following COVID-19.  

The speech will be followed by a moderated discussion.