World Bank Warns Against Trade Protectionsim Amid Inflation - Malpass

Muhammad Irfan Published April 10, 2023 | 08:42 PM

World Bank Group President David Malpass warned on Monday against protectionist trading blocs as the world contends with inflation

WASHINGTON (UrduPoint News / Sputnik - 10th April, 2023) World Bank Group President David Malpass warned on Monday against protectionist trading blocs as the world contends with inflation.

"Trade is vital to productivity within the world ...

to the extent that that breaks down into regional blocks or protectionist blocs, that's a concern and right now, that's the direction of travel for the world," Malpass said in opening remarks kicking off the World Bank-IMF spring meetings.

He warned that trade fragmentation and pulling back from globalization risked leading to unproductive structures and impeding global growth.

Malpass also noted that capital was flowing out of developing countries, which were falling into greater fragility, particularly amid high food and fertilizer prices. High fertilizer prices meant the poorest farmers were not able to plant crops, as resources went to those who could pay the most.