新興市場

Developing countries have hit the financial rocks
發展中國家撞上債務冰山

The dire situation on debt has become pressing — urgent action is needed
沃爾夫:債務的長期積累,特別是低收入國家的債務積累,正與加息和信貸市場動盪相互作用,造成嚴重的債務困境。

It is natural for people to focus on problems at home. But it is also essential to take a wider view. The succession of shocks — the pandemic, supply constraints, Russia’s invasion of Ukraine, soaring inflation and tightening monetary and financial conditions — have adversely affected large parts of the world economy, but the weakest of countries and the most vulnerable people within them, above all. All this has had (and will have) dire consequences for economic development, the alleviation of poverty and even political stability in poor countries. These challenges, which emerge clearly in the World Bank’s latest Global Economic Prospects report must not be ignored. They certainly give its new president, Ajay Banga, a formidable in-tray.

更關注自家的問題是人之常情。但放眼更廣闊的世界也至關重要。一系列衝擊——新冠疫情、供應瓶頸、俄羅斯入侵烏克蘭、通膨飆升以及貨幣和金融條件收緊——對世界大部分地區的經濟產生了不利影響,但最脆弱的國家和這些國家中最脆弱的人羣首當其衝。所有這一切已經(並將繼續)對貧窮國家的經濟發展、減貧甚至政治穩定產生可怕後果。我們絕不能忽視這些在世界銀行(World Bank)最新的《全球經濟展望》(Global Economic Prospects)報告中清晰地顯現出來的挑戰。它們當然會讓世行新任行長彭安傑(Ajay Banga)面臨一系列令人生畏的任務。

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