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David Malpass' advice to World Bank successor: time is short
David Malpass' advice to World Bank successor: time is short | GZERO World

David Malpass' advice to World Bank successor: time is short

In his final interview as president of the World Bank Group, David Malpass spoke with Ian Bremmer on GZERO World to reflect on his time leading the global development organization and to share his advice for his successor, Ajay Banga.

Malpass became president of the World Bank in 2019 and has seen the world change significantly during his term. He says he’s proud of how the bank handled major global challenges like the COVID-19 pandemic, the war in Ukraine, and the Afghanistan evacuation. He also thinks the bank did a good job raising the alarm about an impending economic crisis: slow growth and skyrocketing global debt.

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Debt limits of rich countries hurt poor countries' growth, says World Bank's Malpass
Debt limits of rich countries hurt poor countries' growth, says World Bank's Malpass | GZERO World

Debt limits of rich countries hurt poor countries' growth, says World Bank's Malpass

Does the global financial system need a major overhaul?

In his final interview on GZERO World as president of the World Bank Group, David Malpass discusses a serious problem with host Ian Bremmer: the consolidation of economic and political power in the hands of the wealthiest countries. The world is facing a massive debt crisis––60% of low-income countries are now in debt distress or dangerously close to it. The poorest countries are paying an average of 16% of revenue on servicing loans.

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World Bank's David Malpass on global debt & economic inequality
World Bank's David Malpass on global debt & economic inequality | GZERO World with Ian Bremmer

World Bank's David Malpass on global debt & economic inequality

The world has a huge debt problem. Economic growth is slowing, but global debt is skyrocketing.

David Malpass sits down with Ian Bremmer on GZERO World for his final interview as president of the World Bank Group to discuss the debt crisis, his tenure at the World Bank, and solutions for combatting growing economic inequality.

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Podcast: Fix the global debt crisis before it's too late, warns World Bank's David Malpass

Transcript

Listen: In his final interview as World Bank president, David Malpass sits down with Ian Bremmer on the GZERO World podcast to discuss all things debt. No, not your credit card or mortgage payments, but the sovereign debt that governments use to pay their bills.

Global debt has ballooned to an eye-watering $300 trillion due to decades of low interest that made borrowing money extremely cheap, followed by runaway inflation driven by the pandemic and war in Ukraine. This dynamic has forced a lot of nations––particularly the poorest––to borrow more money than it can pay back.

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Will the US default on its debt? Ask GZERO World's guests
Will the US default on its debt? Ask GZERO World's guests | GZERO World

Will the US default on its debt? Ask GZERO World's guests

It's the question swirling around Washington this week (and last week, and the week before, etc, etc). It's of concern to US allies and of great interest to US adversaries: Will the United States government default on its debt for the first time in history? Depending on the day of the week, or the hour of the day, you may get a different answer from politicians and pundits alike.

On GZERO World with Ian Bremmer, though, guests from the past few months, including Utah Senator Mitt Romney, World Bank Group President David Malpass, former New Jersey Governor Chris Christie, and US Transportation Secretary Pete Buttigieg, have struck a common chord: it won't happen, but if it does, we're in for a hurting. Catch GZERO World with Ian Bremmer on public television stations nationwide. Check local listings.

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US debt default would be "destabilizing," says World Bank's David Malpass
US debt default would be "destabilizing," says World Bank's David Malpass | GZERO World

US debt default would be "destabilizing," says World Bank's David Malpass

The debate in the US Congress around the debt limit and a potential default is like spending money on a credit card but refusing to pay the bill, according to David Malpass, outgoing president of The World Bank Group.

On GZERO World with Ian Bremmer, Malpass discussed the ongoing negotiations in Washington to avert a default and raise the debt ceiling before the federal government runs out of money on June 1. If the two sides can’t come to an agreement, Malpass says, the economic consequences will be “destabilizing.”

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Human rights activists demand the safe return of Ricardo Lagunes and Antonio Díaz, community defenders who disappeared on January 15. Mexico City, Mexico, January 22, 2023.

Photo by Luis Barron / Eyepix Group/Sipa USA via Reuters Connect

Hard Numbers: Environmentalists targeted, World Bank outlook improves, mass shooting in Louisville, fiery cocktails in Northern Ireland, Winnie-the-Pooh gets punched

24: This year alone, at least two dozen environmental activists have already been murdered or disappeared in Mexico and Central America, according to an investigation by The Guardian. Many are from indigenous communities protesting against mining activities on their traditional lands.

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World Bank Group President David Malpass speaks to the media in Washington, D.C. in 2022.

Graeme Sloan/Sipa USA via Reuters Connect

Hard Numbers: World Bank chief resigns, Another Russian journalist jailed, Ukraine’s humanitarian needs, pessimistic Nigerians, good riddance Johns Hopkins tracker

12: World Bank President David Malpass, tapped by former President Donald Trump, announced Wednesday that he’ll step down this summer, roughly 12 months before his term expires. Malpass has been mired in controversy in recent months after he refused to say whether fossil fuels are warming the planet. (Malpass spoke to GZERO Media amid the controversy, saying he’s not a climate change denier.)

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