World Bank President Urges Reforms to Attract Investment amid Commercial Ambiguity
Economy News Baghdad – World Bank President David Malpas said the uncertainty caused by trade tensions and slowing global growth increases the need for developing countries to implement reforms that make them more attractive to private investment.
“He will urge countries to take bolder steps to improve the business climate in order to allow private companies to compete better with state-owned enterprises and generate more profitable growth and innovation,” Malbas, who is attending the G20 summit in Osaka, Japan, was quoted as saying by Reuters. And jobs.
The World Bank forecast in its annual global economic outlook earlier this month that a slowdown in trade and investment flows would cut global growth this year to 2.6 percent, 0.3 percentage points lower than previously forecast.
The International Monetary Fund (IMF) predicted a similar slowdown, mainly driven by a sharp increase in tariffs between the United States and China.
Malpas, who took over as head of the World Bank in April after spending two years in the Trump department as the Treasury’s secretary for international affairs, said he also focused on the internal development of countries and ways to grow internal trade between cities and regions.
Malpas said he would meet leaders from several developing countries including Brazil, India, Indonesia, Russia, Saudi Arabia, Senegal, South Africa and Turkey during the G20 summit.