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David Malpass expresses concerns over possible long-lasting economic slowdown

David Malpass expresses concerns over possible long-lasting economic slowdown

Arab Finance: President of the World Bank Group David Malpass has expressed concerns over a possible “long-lasting” slowdown in the global economy this year, Bloomberg reported.

In an interview on Sky News, Malpass said: “This period of slow growth for the world may last into 2023-2024, and that’s a concern.”

Persisting inflation and shortfall of new investment are obstacles, he explained.

“As you look one year ahead and two years ahead, it is hard to see that there will be a strong recovery,” Malpass pointed out.  

Moreover, he called on governments to provide financial relief, with the aim of aiding nations to adapt to energy price shocks.

“When governments do subsidize their citizens, which is politically necessary and attractive, they need to have it be time-bound and targeted,” Malpass said.

“Rather than giving benefits to everyone for the foreseeable future, do it for six months for the narrowest group that is possible that is hurt by the higher prices that are occurring now,” he added.

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