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World Bank Group President David Malpass Spring Meetings 2023 Positioning Speech (MARCH 30, 2023)

(510단어/ 5분 8초)

Glossary

1

Niger

니제르

본문

My speech today is about both the central dilemmas of development policy in a time of crisis and the opportunities we must harness, especially for the region. Niger personifies this blend of challenge and opportunity. Amid regional tensions, one of the lowest electrification and highest birth rates in the world, harsh climate, and difficult economic circumstances, we are partnering with the government in their efforts to create opportunity – including reforms that promote stability, human capital, and economic opportunities for the growing population.

Over the last few years, the world has faced an unprecedented series of crises. The World Bank Group has led through these crises with a clear focus on rapid and impactful support. In previous speeches, I have spoken about the World Bank’s responses to the devastating reversals in development, including rising poverty rates, backsliding in access to electricity and clean water, and the severe setbacks in foundational learning skills due to school closures.

The pandemic also triggered extraordinary policy responses, with macroeconomic consequences still being felt. Inflation soared with governments providing massive fiscal and monetary support to counter the pandemic, especially in the advanced economies. The war in Ukraine triggered outright shortages of fuel, food, and fertilizer. Natural disasters struck hard too – from earthquakes to floods across South Asia and catastrophic drought in East Africa.

Developing countries have suffered the most from this onslaught of crises. The pandemic increased the global extreme poverty rate from 8.4 to 9.3 percent, the first recorded increase since we started keeping count. The true death toll remains unknown in many parts of the world. Now, a growing number of developing countries are facing the prospect of major domestic crises, with economic growth slowing, poverty and hunger on the rise, public debts reaching unsustainable levels amid rising interest rates, ineffective mechanisms for resolving external debt distress, underinvestment, and growing populations.

Confronted by these developments, we have the responsibility to forcefully reassert core economic principles for development in every country. I will highlight four: 

First, achieving macroeconomic stability is critical –not least because fiscal recklessness compromises essential services and inflation penalizes the poor the most. Second, sound policies to promote private investment should always remain a top priority – because without them there would be no economic growth. Third, free and fair international trade must be nurtured – because it promotes efficiency and creates enormous opportunities for growth and convergence. Finally, the international community’s mechanisms to finance the provision of global public goods must be strengthened – because climate costs, conflict, and pandemics will set back human progress everywhere unless the effectiveness of global efforts improve.

Let’s start with macroeconomic stability, including government spending and revenues, monetary policy, and currency stability. To respond to the pandemic, countries around the world ran large budget deficits and saw significant increases in public debt. In many developing countries, the stimulus response came on top of sharp increases in debt from projects financed by entities outside the traditional creditor countries. These contracts often lacked transparency. As a result, public debt has grown to unsustainable levels in much of the developing world.