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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.

Recessions.

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Hauptbeschreibung Power shifts happened several times throughout history, but they do not occur frequently and are often connected with the use of force. Presently, there is a power shift from the western industrialized states, e.g., from member states of the European Union (EU), to Asian states, in particular China. However, in spite of this growth, it is disputed to what extent the rise of these economies already transcended into power and how it will develop in the future. What is clear by now is that the recent global financial and economic crisis was the worst one in post World War II his

Financial crises --- Recessions

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"According to the conventional wisdom, when an economy enters a recession and nominal prices adjust slowly, the monetary authority should devalue the domestic currency to make the recession less severe. The reason is that a devaluation of the currency lowers the relative price of non-tradable goods, and this reduces the necessary adjustment in output relative to the case in which the exchange rate remains constant. This paper uses a simple small open economy model with sticky prices to characterize optimal fiscal and monetary policy in response to productivity and terms of trade shocks. Contrary to the conventional wisdom, in this framework optimal exchange rate policy cannot be characterized just by the cyclical properties of output. The source of the shock matters: while recessions induced by a drop in the price of exportable goods call for a devaluation of the currency, those induced by a drop in productivity in the non-tradable sector require a revaluation. "--World Bank web site.

Devaluation of currency. --- Recessions.

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The bailout wasn't just for bankers. New rules and reforms offer once-in-a-lifetime opportunities for EVERYONE to put their financial houses in order.

Finance, Personal. --- Recessions.

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International finance. --- Capital market. --- Recessions.