[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111917-en":3,"doc-seo-111917-105":29,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},111917,1374391974564,"Clementine","https://ap-avatar.wpscdn.com/avatar/14000253aa45c000a9e?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779874745381141002",8,"Research & Report","Statement by Nirmala Sitharaman, Governor of the IBRD for India - World Bank Governor's Statement No. 8 - October 13, 2023","The statement by Nirmala Sitharaman, Governor of the IBRD for India, opens with condolences for victims of earthquakes and floods in Morocco and Libya and notes India’s solidarity during recovery and reconstruction. It analyzes intensifying global shocks since 2020, weakening growth and jeopardized 2030 SDG progress, and highlights inflation persistence, growth-inflation trade-offs, and tightening financial conditions. It emphasizes rising borrowing costs worsening debt burdens, calls for strengthening the Global Financial Safety Net and IMF lending tools, and underscores the role of MDBs in supporting debt sustainability, macro-stability, and resilience, including climate and digital transitions.","Public Disclosure Authorized Public Disclosure Authorized  \nWorld Bank Governor's Statement No. 8  \nOctober 13, 2023  \nStatement by the Hon. NIRMALA SITHARAMAN, Governor of the IBRD for INDIA  \nStatement by the Hon. Nirmala Sitharaman,  \nGovernor of the IBRD for India  \n1. At the outset, I express deep condolences to the families of the victims of the earthquake and floods in Morocco and Libya. India stands in solidarity with the people and authorities of Morocco and Libya as they engage in the process of recovery, reconstruction and rehabilitation.  \n2. Global economic shocks in the past were severe but spaced out in time. However, this has changed in the third decade of this millennium – with multiple shocks hitting the global economy since 2020 – starting with the pandemic-induced contraction of the global output, followed by rising geopolitical tensions. As a consequence of the headwinds to global economic growth, the achievement of the 2030 Sustainable Development Goals (SDGs) appears to be in jeopardy.  \n3. The global economic outlook remains highly fluid intensifying growth-inflation trade-offs in major economies. Advanced economies are facing a growth slowdown, wherein their growth is expected to dip down to 1.5 % in 2023. This is likely to exacerbate challenges for EMDEs (emerging markets and developing economies) .  \n4. With fluctuating financial conditions and shifting sentiments, the overall growth forecasts for 2023 have not changed much. We note with concern that global growth as per the IMF’s World Economic Outlook (WEO) is projected to fall from an estimated 3.5 percent in 2022 to 3.0 percent in both 2023 and 2024. The sharp slowdown in global growth since the turn of 2022, has gone against the expectations of a soft landing with a progressive slide in inflation and an upward steady trend of economic growth. Unfortunately, the turmoil in the financial sector, its underlying pressures and tight money markets in many economies are not providing the desired outcomes in the reduction of poverty, production, and increased livelihoods to trigger economic growth. The dear-money policy continues to weigh on economic activity, and accentuates debt vulnerabilities. Rising inflation and debt servicing costs could lead to increased risks causing complications for policymakers in LDCs and EMDEs.  \n5. Global headline inflation peaked in 2022 at 8.7%, and eased temporarily , but continues to remain above central bank targets in most of the developed economies (DEs) and EMDEs due to continued northbound interest rates. Inflation would likely level around 7% in 2023 against the backdrop of anticipated easing of commodity prices. Estimates suggest that the hiking cycle is likely to ease out in 2024 , especially in the DEs and reach its targeted levels in 2025.  \n6. The increase in the interest rates in the US has adversely affected vulnerable economies. The tightening of US federal rates has impacted the financial conditions of a number of EMDEs especially those with weak credit ratings having sovereign spreads exceeding 10 percentage points, leading to loss of market access and a high likelihood of default on repayments.  \n7. Global property markets have come under pressure with a sharp fall in offtakes in several markets due to high interest rates. Tighter monetary policies of central banks have led to a fall in price growth over the past 12 months vis-à-vis the rapid surge before monetary tightening. Based on the data collected by the Bank for International Settlements-50 out of 58 markets recorded a decline in real house prices over the course of 2022 and 2023. This is expected to have some spillover effects on the real economy, as housing-related spending moderates.  \n8. Labour markets have shown mixed signs of a rise in unemployment rates in some markets and a decrease in others. The fluctuation is more in EMDEs where the labour force largely caters to the service sector and witnessed huge variations on a quarter-to-quarte","cbCaiur7K1ZqPxCw","https://ap.wps.com/l/cbCaiur7K1ZqPxCw","pdf",360082,1,5,"English","en",105,"# Statement Overview\n## Humanitarian and Recovery Context\n## Global Economic Shocks and SDG Impact\n## Growth, Inflation, and Financial Market Conditions\n## Debt Burden, Poverty, and Policy Challenges\n## Strengthening the Global Financial Safety Net","[{\"question\":\"What opening message does the governor include in the statement?\",\"answer\":\"She expresses deep condolences to families of victims of the earthquakes and floods in Morocco and Libya and states that India stands in solidarity during recovery, reconstruction, and rehabilitation.\"},{\"question\":\"How does the statement describe recent global economic developments since 2020?\",\"answer\":\"It highlights multiple shocks since 2020, including the pandemic-induced contraction and rising geopolitical tensions, leading to headwinds for global growth and risks to achieving the 2030 Sustainable Development Goals.\"},{\"question\":\"What key policy actions does the statement call for regarding the Global Financial Safety Net?\",\"answer\":\"It calls for strengthening the Global Financial Safety Net with the IMF at its center, including reviewing and reforming the IMF lending toolkit, bolstering debt architecture, improving institutions, and ensuring adequate IMF resources and representative 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opening message does the governor include in the statement?","Question",{"text":75,"@type":76},"She expresses deep condolences to families of victims of the earthquakes and floods in Morocco and Libya and states that India stands in solidarity during recovery, reconstruction, and rehabilitation.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"How does the statement describe recent global economic developments since 2020?",{"text":80,"@type":76},"It highlights multiple shocks since 2020, including the pandemic-induced contraction and rising geopolitical tensions, leading to headwinds for global growth and risks to achieving the 2030 Sustainable Development Goals.",{"name":82,"@type":73,"acceptedAnswer":83},"What key policy actions does the statement call for regarding the Global Financial Safety Net?",{"text":84,"@type":76},"It calls for strengthening the Global Financial Safety Net with the IMF at its center, including reviewing and reforming the IMF lending toolkit, bolstering 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