Remarks by World Bank Group President David Malpass at the Launch of IDA20 in Tokyo, Japan

This report discusses the remarks delivered by World Bank Group President David Malpass at the Launch of IDA20 in Tokyo, Japan. Global growth is expected to slow sharply from 5.7 percent in 2021 to 2.9 percent in 2022, with further slowing likely as more countries fall into recession. In developing economies, COVID-19 has already had a devastating impact on income growth and poverty reduction. The war in Ukraine is dealing yet another blow to their growth prospects. Developing countries are now expected to grow by a mere 3.4 percent in 2022, well below the average from 2011 to 2019. Each step in the progression of crises in recent years is leaving poorer countries further behind, adding to inequality. My deep concern is that these trends will persist. The World Bank Group is making around 170 billion dollars in financing available for new and existing projects over the 15 months starting April 2022 to support this crisis response package. This will be complemented by analytical and advisory work to strengthen evidence-based development policies and programs