WORLD BANK / MALPASS PRESS CONFERENCE

At the 2022 Annual Meetings Opening Press Conference, World Bank Group President David Malpass shared that the World Bank has lowered its 2023 global growth forecast from 3 percent to 1.9 percent, saying this is “dangerously close to world recession”. WORLD BANK GROUP

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:05:20
• Production Date: 13 October 2022
• Asset Language: English
• Personal Subject: DAVID MALPASS
• Corporate Name: WORLD BANK
• Subject Topical: WORLD ECONOMY
• MAMS Id: 2954512
• Parent Id: 2954512
• Alternate Title: unifeed221013d

Description

STORY: WORLD BANK / MALPASS PRESS CONFERENCE
TRT: 5:20
SOURCE: WORLD BANK GROUP
RESTRICTIONS: NONE
LANGUAGES: ENGLISH / NATS
DATELINE: 13 OCTOBER 2022, WASHINGTON DC

Shotlist

1. Wide shot, exteriors of World Bank headquarters
2. Med shot, press conference
3. Med shot, journalists in the audience
4. SOUNDBITE (English) DAVID MALPASS, President, World Bank Group:
“The growth rate: we've lowered our 2023 growth forecast from 3 percent to 1.9 percent for global growth. That's dangerously close to a world recession and that world recession could happen under certain circumstances. All of the problems that people have taken note of -- the inflation problem, the interest rate rises and the cut off of capital flows to developing world – hits the poor hard, and so that's a that's a huge challenge for the World Bank.
5. 01’07” Shots from World Bank Annual Meetings press conference
6. 01’26” SOUNDBITE (English) DAVID MALPASS, World Bank Group President: “Some countries have already been raising their interest rates and may be reaching a point where they don't have to keep raising. Some countries have done one kind of subsidy versus another kind of subsidy. And fiscal policies are different throughout. And also very importantly, some countries are commodity producers and some are commodity buyers. So we've in general advocated for countries that as they address the crisis, that they try to have targeted responses. That means support for the poor. That means interventions that are targeted and also there's an exit strategy, they're temporary.”
7. Various shots, press conference
8. SOUNDBITE (English) DAVID MALPASS, President, World Bank Group:
“The World Bank has a mission of having shared prosperity and that means in the broad sense, people's wellbeing going up. And the data from the Poverty Report shows median income going down for the first time. And so if we have a world recession now, that would also depress median income, meaning the people in the lower half of the income scale are going down. One more point is, I've been concerned about the concentration of capital in the world into the top end of the advanced economies. So that's I think one of the issues that the world has to deal with, to allow capital to flow to new businesses and to developing countries. That would take a change in the direction of, of fiscal and monetary policies in the advanced economies.
9. Various shots, press conference
10. SOUNDBITE (English) DAVID MALPASS, President, World Bank Group:
“We embrace the concept of how do you get more resources. We understand how vital it is for people in the developing world. We've been talking about the cut-off of resources that's coming from capital flows from the markets being closed, to various countries. And there's the big challenge, I call it a crisis in development. So one of the solutions is more resources, including more resources through the World Bank.”
11. Various shots, press conference

Storyline

At the 2022 Annual Meetings Opening Press Conference today (13 Oct), World Bank Group President David Malpass shared that the World Bank has lowered its 2023 global growth forecast from 3 percent to 1.9 percent, saying this is “dangerously close to world recession”.

Malpass said the World Bank advocates for countries to have targeted responses that support the poor, and expressed concern about a drop in global median income and blockages of capital reaching developing economies.