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WASHINGTON, Oct 10 (Reuters) - World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation remained a continuing problem after Russia's invasion of Ukraine. "There's a risk and real danger of a world recession next year," Malpass said in a dialogue with Georgieva at the start of the first in-person meetings of the two institutions since the COVID-19 pandemic. He cited slowing growth in advanced economies and currency depreciation in many developing countries, as well as ongoing inflation concerns. Georgieva said the IMF will be advocating this week for central banks to continue their efforts to contain inflation, despite the negative impact on growth. Fiscal measures should be "well targeted" to ensure they did not add more "fuel to the flames of inflation."

☆ How West can mobilise trillions to help save Earth
▼ + stars: | 2022-10-10 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

LONDON, Oct 10 (Reuters Breakingviews) - War, inflation, debt, hunger, energy security and fear of recession will dominate the discussions at the annual meetings of the World Bank and International Monetary Fund this week. America and a group of other countries have given the World Bank until December to come up with a plan. Register now for FREE unlimited access to Reuters.com RegisterThe West has self-interested reasons to mobilise trillions of dollars to help the poorer nations of the so-called Global South transition from fossil fuels. But getting this money to flow to the Global South is tough because investors don’t think the returns on offer justify the risks. It is therefore encouraging that America and other leading shareholders have given the World Bank its marching orders and that Malpass has responded positively.

☆ Chorus of international agencies are calling on central banks to please stop raising rates
▼ + stars: | 2022-10-04 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

The clamor from international agencies demanding that central banks stop raising interest rates is suddenly getting louder. The United Nations Conference on Trade and Development (UNCTAD) is out with its annual report on the global economic outlook . It's filled with dire warnings that central banks are going to throw the world into a massive global recession if they keep raising rates. Is this a sign central banks are listening? "This is the last chance they [central banks] have to maintain credibility, " Komal Sri-Kumar, President at Sri-Kumar Global Strategies, said on CNBC's " Squawk Box " this morning.

☆ Developing Countries Face Stiff Economic Headwinds, World Bank Chief Says
▼ + stars: | 2022-09-29 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—The head of the World Bank warned that developing nations face an extremely challenging near-term outlook, as the sharp slowdown in global growth raises the risks of a prolonged recession. Speaking Wednesday at Stanford University, David Malpass said the challenges for the developing world are shaped by higher food, fertilizer and energy prices caused by the war in Ukraine, as well as rising interest rates, currency depreciation and capital outflows, which could result in a shortage of funds needed to support people’s lives and economic activities.

☆ World Bank to discuss in October replacement for 'Doing Business' reports
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Sept 28 (Reuters) - The World Bank's board will discuss plans next month for replacing the bank's flagship "Doing Business" rankings that were canceled in September 2021 after an external report found data irregularities, World Bank President David Malpass said. "The World Bank is very involved in trying to encourage private sector development in countries," he said. Register now for FREE unlimited access to Reuters.com RegisterThe World Bank in February said it is working on a new approach, tentatively dubbed the "Business Enabling Environment" project, that will help countries improve their business environment and attract more investment. The bank scrapped the annual "Doing Business" rankings one year ago, saying internal audits and an external investigation had raised "ethical matters, including the conduct of former Board officials, as well as current and/or former Bank staff." Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal; Editing by Christian Schmollinger and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ World Bank's Malpass sees risk of stagflation, likely recession in Europe
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Sept 28 (Reuters) - World Bank President David Malpass on Wednesday warned that it could take years for global energy production to diversify away from Russia, prolonging the risk of stagflation, or a period of low growth and high inflation. In a speech at Stanford University, Malpass said there was an increased likelihood of recession in Europe, while China's growth was slowing sharply, with grave consequences for developing countries. Addressing the current "perfect storm" of rising interest rates, high inflation and slowing growth - and undoing the reversals in development required new macro- and microeconomic approaches, Malpass said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

☆ A Gore-Kerry Political Climate Hit
▼ + stars: | 2022-09-26 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

When Al Gore , John Kerry and the New York Times gang up on someone, you know a political hit is on. That’s what happened last week to World Bank President David Malpass , for the sin of not turning the international lending institution into an arm of Democratic Party policy on climate change. Mr. Gore started the pile-on by claiming that Mr. Malpass is a “climate denier.” For today’s political left, that charge is an undefined, all-purpose smear intended to banish you from polite company. Mr. Kerry last week also repeated his claim that the bank isn’t doing enough to combat climate change, which really means the bank isn’t taking dictation from him.

☆ World Bank’s David Malpass Says He Isn’t Resigning Amid Criticism of His Climate Views
▼ + stars: | 2022-09-23 | by ( Yuka Hayashi | ) www.wsj.com time to read: 1 min

WASHINGTON—World Bank President David Malpass said Friday he wasn’t resigning from his position amid calls from climate advocates for him to step down over his views on climate change. Mr. Malpass also said the bank’s shareholders—governments around the world led by the U.S.—haven't asked him to resign. Mr. Malpass, who was nominated to lead the bank by former President Donald Trump, was speaking in an interview with Politico.

☆ World Bank's Malpass, under fire on climate views, says no shareholders asked him to resign
▼ + stars: | 2022-09-23 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

World Bank President David Malpass responds to a question from a reporter during an opening press conference at the IMF and World Bank's 2019 Annual Fall Meetings of finance ministers and bank governors, in Washington, U.S., October 17, 2019. Asked if any shareholder had asked him to resign over the issue, Malpass said, "No, none have." The president of the United States traditionally nominates World Bank presidents, subject to confirmation by the bank's board. Treasury declined comment when asked if it supported a second term for Malpass when his term ends in 2024. Activists and former climate advocates worry the World Bank is falling short on climate action.

☆ Global climate change protests demand compensation ahead of COP27
▼ + stars: | 2022-09-23 | by ( Kate Abnett | ) www.reuters.com time to read: +5 min

They are timed to coincide with global leaders meeting in New York City at the U.N. General Assembly this week. REUTERS/Brendan McDermid Read More'DEVASTATING CONSEQUENCES'Irreparable damage caused by climate change has heightened developing countries' demands for "Loss & Damage" compensation at COP27 in Egypt in November. "The Least Developed Countries are bearing the brunt of the devastating consequences of climate change," Senegal's environment minister Abdou Karim Sall told a meeting in Dakar last week. The United States and 27-country European Union have historically resisted steps that could require rich nations to pay compensation for causing climate change. Malpass later clarified he was not a climate change denier, after facing a flurry of calls to resign.

David Malpass, president of the World Bank Group, arrives for a meeting with Japan's Prime Minister Fumio Kishida (not in picture) at Kishida's official residence in Tokyo, Japan September 13, 2022. The president of the United States, the largest World Bank shareholder, traditionally nominates World Bank presidents, subject to confirmation by the bank's board. Asked for comment on Malpass' Tuesday remarks, a spokesperson for Canadian Finance Minister Chrystia Freeland said that the World Bank plays a crucial role in driving climate change action. "(The) World Bank leadership must fully stand behind this global initiative," the spokesperson, Adrienne Vaupshas, said. U.S. lawmaker Maxine Waters, head of the House of Representatives' financial services committee, said Malpass' comments call into question the World Bank's commitment to addressing climate change.

Register now for FREE unlimited access to Reuters.com RegisterThe president of the United States, the largest World Bank shareholder, traditionally appoints World Bank presidents. A coalition of civil society groups on Wednesday called for the World Bank to fire Malpass. "We have – and will continue – to make that expectation clear to World Bank leadership. Selwin Hart, special adviser to the UN secretary-general on climate action, had also criticized the World Bank at the COP26 climate summit in Glasgow last year. Large banks, especially the World Bank, "cannot continue to fiddle while the developing world burns," he said.

While investors largely expect the Fed to lift its policy rate by 75 basis points to the 3.00%-3.25% range, markets could be unsettled by the updated quarterly economic projections that will be released along with the policy statement. In July, Powell's comment that the Fed might move to smaller incremental rate increases was read as indicating an imminent policy pivot. "Risks still skew toward higher terminal policy rates and we expect a relatively hawkish FOMC meeting," Citi economists wrote on Tuesday. The European Central Bank, following the Fed, earlier this month raised its key interest rate by three-quarters of a percentage point for the first time ever; Sweden's central bank this week approved its first full-percentage-point increase in 30 years. The Bank of England and the central banks of Switzerland and Norway will meet this week, with markets expecting them to announce large rate hikes.

☆ World Bank warns globe may be heading for 2023 recession
▼ + stars: | 2022-09-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWorld Bank warns globe may be heading for 2023 recessionWorld Bank President David Malpass joins CNBC's 'Squawk Box' to discuss global inflation and the potential for a recession in 2023.

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