Malpass said: “Global development is facing enormous challenges such as high inflation and high interest rates, in addition to very high levels of debt, which lead to a serious decline in growth and investment, especially in developing countries”.
Malpass stressed that investing in people is a top priority for the World Bank and that one of the key drivers of human capital accumulation is access to high quality education.
He saw accelerating access to quality education as a major development challenge and vital to achieving breakthroughs in science, technology and innovation.
Regarding the US economy, the President of the World Bank explained: “We have to keep in mind that if you only cut the interest rate, it will not solve the problem.
Malpass added: “People will suffer from inflation, and if the interest rate is suddenly and rapidly reduced, it will weaken the dollar, and the inflation rate will rise again, and it will greatly harm the poor, and I thinks a target should be set to achieve stability between a low inflation rate and a stable dollar.”
David Malpass, the current president of the World Bank, has announced his early resignation from his post, in a move he described in the halls of the bank as “surprising”, amid reports that the decision is in somehow tied to the White House.
Note that the World Bank revealed last week that the board of directors had chosen the American candidate to head the Indian-American financial company, Ajay Banga, who gives priority to the fight against climate change unlike his predecessor.
The new president of the World Bank will take office on June 2 for a five-year term, one day after the end of the term of his predecessor, David Malpas, who was chosen by former US President Donald Trump.
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