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Global economy 'dangerously close' to a recession: World Bank_我的网站

一 |     Washington, Oct 14 (UNI) The global economy is "dangerously close" to a recession, as inflation remains elevated, interest rates rise, and growing debt burden hits the developing world, World Bank President David Malpass said.



"We've lowered our 2023 growth forecast from 3 per cent to 1.9 per cent for the global growth, that's dangerously close to a world recession," Malpass on Thursday said at a press conference during the IMF and World Bank annual meetings.



"All of the problems that people have taken note of, the inflation problem, the interest rate rises, and the cutoff of capital flow to developing world hit the poor hard," he said, highlighting the buildup of debt for developing countries.



"That's a world recessions could happen under certain circumstances," Malpass said.



In a study published in mid-September, the World Bank warned that as central banks across the world simultaneously hike interest rates in response to inflation, the world may be edging toward a global recession in 2023, with a growth forecast of only 0.5 per cent.



The World Bank chief noted at the press conference that world population growth is estimated at 1.1 per cent per year. "So if you get much slower in terms of world growth, that means people are going backward," Malpass said in response to a question from Xinhua.



Citing a recent World Bank report, Malpass said that Covid-19 pandemic dealt the biggest setback to global poverty-reduction efforts since 1990, pushing about 70 million people into extreme poverty in 2020, and the war in Ukraine threatens to make matters worse.



According to the Poverty and Shared Prosperity Report, global median income declined by 4 per cent in 2020, the first decline since its measurements of median income began in 1990.



"So if we have a world recession now, that would also depress median income, meaning that the people in the lower half of the income scale are going down," Malpass said.



The World Bank chief also noted that he has been concerned about the concentration of capital in the world in the top end of the advanced economies.



"So that's, I think, one of the issues that the world has to deal with to allow capital to flow to new businesses and to developing countries, that would take a change in the direction of fiscal and monetary policies in the advanced economies," said Malpass.



The world is facing very challenging environment from the advanced economies, and that has serious implications, dangers for the developing countries, he said. "My deep concern is that these conditions and trends might persist into 2023 and 2024."

UNI/XINHUA PRT。    

    Santiago Gamboa, writer and minister counselor of the Embassy of Colombia in China, (left) and Héctor Abad Faciolince, a Colombian novelist, writer and journalist at a sharing session at the Embassy of the Republic of Colombia in China on August 18, 2026. Photo: Dong Feng/GT 
The Embassy of the Republic of Colombia in China hosted a colloquium with Héctor Abad Faciolince, a Colombian novelist, writer and journalist. The writer shared on Tuesday his growth journey from a journalist to achieve his dream as a writer, his observation of the Colombian society and his impression about the changes in China. 
In a fully packed hall, Minister Plenipotentiary Jose Fernando Bermúdez Cendales said in his opening remarks that the event is part of an initiative to bring Colombian culture closer to the Chinese public while simultaneously creating new spaces for dialogue and exchange between the two countries.
Bermúdez said that Abad's visit to China offers a particularly valuable opportunity to showcase the richness of our literature and to strengthen the cultural and human bridges connecting Colombia and China.
The session, chaired by Santiago Gamboa, writer and minister counselor of the Colombian Embassy, focused on the career and body of work of Abad and in particular, El olvido que seremos (Oblivion: A Memoir).

Abad's book is a seminal work of contemporary Colombian literature in which personal and family memory engage deeply with Colombia's recent history. Its translation into Chinese allows this story to reach new readers and represents an extraordinary opportunity to bring both societies closer together through literature, per some commentators. 
"We hope this gathering will be an open conversation among cultures, readers, and experiences, and a new expression of the friendship that Colombia and China continue to build," said Bermúdez. 
Abad, one of the most important voices in contemporary Latin American literature, shared with the Global Times that this is his second trip in China. The last time he visited the country was two decades ago. 
This time, in his eyes, China has changed a lot. In many ways, the country stands for the future of the world. 
Abad said he is surprised to see how much Chinese people are depending on the electric devices and network to communicate in a virtual world, and said that he felt "like an alien."
Talking about his interaction with readers in Shanghai, Abad smiled, saying that the readers selected some phrases from his book and asked him to write down as part of the autography and signature for them. 
In his book, El Olvido Que Seremos (The Oblivion We Will Be), which is acclaimed as a "love letter from a son to his father," is not only a deeply affectionate look back at familial bonds but also a courageous attempt to defy oblivion. 
Rooted in true events, The Oblivion We Will Be chronicles the life of his own father. Abad noted that his father was killed in August 1987 - nearly forty years ago.
In the Western literary tradition, a father is often portrayed as a distant or even negative figure. His father, however, was "totally different - a man of love and deep sense of responsibility in both the public sphere and his family life."
Such image of a benevolent, non-authoritarian father has impressed his Chinese readers as well, he said. 
As a physician, Abad's father dedicated his life to addressing fundamental issues affecting people's well-being, such as drinking water quality and public health, steadfast in the belief that the world could be made better through action.
Abad's work addresses themes such as memory, violence, inequality, and the human condition, deeply marked by the murder of his father, an event that inspired his most iconic book, The Oblivion We Will Be was published in Chinese by Writer's Publishing House in Beijing in July.
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