If there’s a 25 basis point hike in the advanced economies, there might often be a 50 or 100 basis point hike in developing countries.
Malpass: That’s right, and it’s worse than that. Inflation and interest rate hikes pose challenges So capital sometimes flows away from the poorer countries when interest rates are higher, say, in the U.S. And so that puts further strain.īrancaccio: We should explain: When interest rates go up in the developed world, it makes the interest rates you could get as an international investor - by investing in emerging markets, for instance - a little less attractive. And two factors make that worse: The inflation hurts people at the bottom the most, and then there’s the prospect of interest rate hikes in the advanced economies. So there’s this big differentiation going on in the world. For example, on a per capita basis, people in the poorer countries are only seeing 0.5% real growth, whereas in the advanced economies, they’re seeing 5% real per capita growth. But I think what a lot of people are feeling is a slowdown from 2021, and not much of a recovery from where they were pre-COVID. Malpass: That’s true, there was a recovery. Governments are having big challenges holding things together because of the pressure.īrancaccio: This, despite the fact that the year we just completed, growth looks, on paper, fairly strong in those lower-income countries. So that’s a big challenge in terms of food security, in terms of physical security. One of the ways to think about it is on a per capita basis, they’re doing about one-tenth as much of a recovery as the advanced economies. But the challenge is that for developing countries, and especially for the poorer countries, it’s not much of a recovery. So that’s good, there is a recovery going on. Poorer countries struggle in unequal economic recoveryĭavid Malpass: That’s right. The following is an edited transcript of their conversation.ĭavid Brancaccio: One headline from this, if you’re listening in the developed world, is that growth here in 2022 should be strong - not rip-roaring 2021 levels, but strong enough so that maybe by next year, the richer countries will have reversed the effects of pandemic on the economy. World Bank President David Malpass spoke with Marketplace’s David Brancaccio about the report’s projections.
"All of this is creating a lot of anxiety in the population, and François Legault is nowhere to be seen this week," Anglade said.What’s in store for the global economy in 2022? According to the World Bank’s annual “Global Economic Prospects” report, global growth this year is forecast to slow down compared to last year, amid new challenges from coronavirus variants, supply chain disruptions, high commodity prices and more. She highlighted the fact that this week alone, the province has modified vaccination requirements, reduced the availability of PCR tests, changed the isolation rules for the general population as well as staff and children at daycares.
She highlighted that Quebec's premier, François Legault, was not present during Thursday's news conference and has not had a public appearance this week. The government did not do enough to anticipate and slow down the virus's fifth wave, she said. Government has 'lost control,' opposition leader saysĪccording to the leader of the province's Liberal Party, Dominique Anglade, the Coalition Avenir Québec is making decisions related to the pandemic based on political considerations instead of science. The latest projections from the institute, which is known by its French acronym, INESSS, indicate that more than 3,400 Quebecers could be in hospital with COVID-19 in two weeks.Īt least 3,000 of those patients would occupy regular beds, with a minimum of 400 being admitted to intensive care.ĭuration 2:06 Quebec has announced it will expand where a COVID-19 vaccine passport is required to include liquor and cannabis stores, with other non-essential retailers to be possibly added in the coming months. On Thursday, the province reported that 1,953 people were in hospital with COVID-19, but that number could continue to rise rapidly, according to the province's health-care research institute.
Nearly 20,000 health-care workers absent, minister says The health minister also highlighted the fact that about half the people with COVID-19 being admitted into ICUs are unvaccinated. "If you don't want to get vaccinated, stay home." "By limiting the places they can go, we're limiting their contacts," Dubé said, referring to people who aren't vaccinated. The minister also said the government will expand the use of the vaccination passport to other non-essential businesses, such as personal care services, with that announcement expected in the coming days. "If the unvaccinated aren't happy with this situation, there is a very simple solution at your disposal," the minister said. Every adult in Quebec will be able to sign up for a third dose of a COVID-19 vaccine as of Jan.
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