Global growth prospects in the medium-term at lowest level – WB

Prospects for global growth in the medium-term are at their lowest level in decades hence we need to stand together, united in the goal of protecting our future prosperity and ending extreme poverty said World Bank President Ajay Banga; (Pictured) IMF Managing Director Kristalina Georgieva; (Pictured) Kingdom of Morocco Minister of Economy and Finance Nadia Fettah; and Bank Al Maghrib Governor Abdellatif Jouahri yesterday on the occasion of the 2023 World Bank and International Monetary Fund (IMF) Annual Meetings in Marrakech.

The scarring effects of successive crises are increasingly apparent, just as many countries are struggling to overcome high inflation, high debt, and significant financing shortfalls to provide basic services, support infrastructure and climate action, and address rising poverty, inequality, and fragility. “The world has become more shock-prone, with increased risks to growth, development, jobs, and living standards that widen inequalities within and across countries. Emerging market and developing economies have been especially hard hit. Income divergence with advanced economies has deepened further, and the world is not on a path to eliminate extreme poverty by 2030.

“Our understanding of the major risks and disruptive forces facing the global economy has evolved: the existential threat posed by climate change, growing disparities in income and opportunity, and geopolitical tensions are intensifying. Rapid digitalization and technological transformations create new challenges, but also opportunities, and no country should be left behind.

“Marrakech 2023 is a call for enhanced global collaborative action on common challenges, so we can build resilience and expand opportunities for a better future. “These 4 Marrakech Principles for Global Cooperation provide a broad framework to help harness the power of multilateralism to the benefit of all.

The post Global growth prospects in the medium-term at lowest level – WB appeared first on DailyNews.