Now with the rapid global growth driven mainly by the United States, China and India, World Bank president David Malpass said although he expressed concern about the growing inequality due to the COVID-19 epidemic.
He said there were also concerns about inequality in terms of vaccinations and intermittent inflation in some countries.
“But there are also concerns that there are inequalities. Inequality in terms of vaccines, in terms of public income that does not increase very rapidly in other countries and is likely to decrease. There is a difference in interest rates, with poor countries facing higher interest rates and lowering rates in the same way as international interest rates, ”he said.
"There is good news that there is rapid global growth driven mainly by the US, China, and India, which is gaining momentum," Malpass told reporters at the beginning of the Spring meeting of the International Monetary Fund (IMF) and the World Bank.
The annual spring meeting, held almost entirely, focused on vaccines, climate change, debt and reimbursement.
Malpass said there is inequality in terms of the bankruptcy process, which is not available in the private sector, so poor countries have no way out of these heavy debt burdens.
"There is also inequality in accessing credit due to many incorrect motives, and people who do not have normal credit ratings, for example, or small businesses, new entrants, women who would like to start a business, have a hard time getting into debt," she said.
According to Malpass, the World Bank and the IMF are working together to achieve the successful implementation of the G20 General Framework to address the debt crisis. There is a request for private companies to provide a similar approach to debt, he said.
Responding to a question, Malpass said delays in the release of vaccines, especially in Europe, were worrying. “It's frustrating. We see in the daily news some of the various challenges that countries face. I strongly believe or wish and hope for a quick release as the extremes are found in other countries. Also, we can look to regulatory agencies to work more efficiently in their approval to allow more vaccines, ”he said.
He said vaccinated people were an important part of their global safety and recovery. “Therefore, I share the view expressed by Germany today at the G20 that there may be a weakening of their GDP (Gross Domestic Product) growth forecast related to the vaccine crisis, and it doubles everyone's urgency and efforts to have more vaccines available in the world. all, ”Malpass added.
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