Many developing countries now face high inflation, especially rising food prices.

What can they do to alleviate some of that pain? Wealthy nations should step in by opening their markets to farmers from poor nations, World Bank President David Malpass says during a Global Stage livestream conversation hosted by GZERO Media in partnership with Microsoft.

"This is a moment to make friends, to help people that ... don't have as much."

That means lifting trade barriers and subsidies that aren't really necessary so there can be more room for others to sell their stuff.

Malpass also recommends that all governments transition away from economic and fiscal policies that have spurred inflation toward encouraging boosting production and supply.

That's the best way to help small businesses, the most under pressure from high interest rates and the food price hike.

Watch more of this Global Stage event: Live from Washington, DC: Financing the Future