David Malpass
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Articles by David Malpass
The Fed Needs Better Models
The central bank can improve forecasts by including the value of the dollar in its modeling. The Federal Reserve’s outdated economic models and board structure are pushing it toward interest-rate increases that would hurt affordability and small businesses without curbing inflation. This approach risks keeping bond yields and mortgage rates higher than necessary while waiting too long to cut rates.
Congress Should Reform Tax Breaks for Foreign Third-Party Litigation Funders
Treasury Secretary Scott Bessent's criticism of third-party litigation funding highlights tax advantages that allow investors, including foreign funds, to profit from U.S. lawsuits at preferential rates.
The $1.5 trillion red tape disaster handing energy dominance to China
America is experiencing an energy boom that is transforming the economy and powering technologies critical for national and economic security. Production of oil and gas is at record highs. Nuclear power is being commercialized again after a generation of stagnation. And utility-scale solar power has quietly become the fastest-growing addition to electricity capacity. In 2025, solar power added 32.7 gigawatts to grid capacity, accounting for almost the entire year’s capacity increase.
Trump is Right: The Fed’s Economic Models Punish Growth
Your browser does not support HTML5 video. Journal Editorial Report: Is presidential health a legitimate issue? Photo: Matt Kaminsky/Kamil Krzaczynski Ngan/AFP/Getty Images/Matt Kaminsky/ZUMA Press As President Trump heads to France for the Group of Seven meeting, the U.S. economy is riding an incredible wave of innovation and investment that will propel growth for decades.
Why the Federal Reserve’s Balance Sheet Needs to Shrink
Chairman Kevin Warsh will face resistance to reform from colleagues eager to protect their turf. WSJ Opinion: Jay Powell’s Fed Legacy Embed code copied to clipboard Your browser does not support HTML5 video. 0:00 Paused 0:00 / 6:08 Journal Editorial Report: Inflation runs hot as Kevin Warsh prepares to take the helm. Photo: Li Rui/Xinhua/Zuma Press/Tom Williams/CQ Roll Call Each part of the federal government tries to grow bigger and more influential at the nation’s expense.
Opinion | The Answer to Trump’s Good Question About Interest Rates
The Federal Reserve’s antigrowth assumptions undercut the dollar and hinder affordability. Journal Editorial Report: Allies warn of a ‘rupture’ in the world order. Photo: Sean Kilpatrick/The Canadian Press/Fabrice Coffrini/AFP/Getty Images/Avalon/ZUMA Press In his Davos speech last week, President Trump asked why the interest rate is so much higher on U.S. Treasury debt than on bonds of weaker countries. Good question. The U.S. economy is strong, and the default risk low, so why the higher yield?
The Federal Reserve doesn’t have to be an enemy of growth
Summary A larger-than-expected September rate cut and broad reforms would make America prosperous again. This is a Mint Premium article gifted to you. Subscribe to enjoy similar stories. President Trump is right to call out the Federal Reserve for keeping interest rates too high and wasting money on extravagant renovations to its Washington headquarters.
Opinion | The Federal Reserve Doesn’t Have to Be an Enemy of Growth
President Trump is right to call out the Federal Reserve for keeping interest rates too high and wasting money on extravagant renovations to its Washington headquarters. Treasury Secretary Scott Bessent last week suggested a half-point rate cut in September and urged deeper changes at the Fed, saying that the central bank faces problems in its foundation.
Opinion | The Fed Is Behind the Curve on Cutting Interest Rates
Its flawed models depend on slowing growth to avoid overheating the economy. Inflation slowed to 0.1% in May, providing another opportunity for the Federal Reserve to rethink its behind-the-curve interest rate policy. Many signs indicate that rates should be lower, but the Fed has chosen to keep the interest rate steady because of its limits-to-growth economic models.
Opinion | The Fed Is Behind the Curve on Cutting Interest Rates
Your browser does not support HTML5 video. Inflation slowed to 0.1% in May, providing another opportunity for the Federal Reserve to rethink its behind-the-curve interest rate policy. Many signs indicate that rates should be lower, but the Fed has chosen to keep the interest rate steady because of its limits-to-growth economic models. The Labor Department’s May survey of households found 700,000 fewer people with jobs than in April, a clear sign of strain in small businesses.
Opinion | Trump and the Fake Debt Limit
President-elect Trump was right last week when he raised a red flag over the debt limit. The outgoing government is leaving a tailor-made debt crisis for Mr. Trump that complicates his work to implement his mandate, cut taxes quickly and rebuild U.S. strength. Lawmakers during the Biden administration spent wildly, so they are responsible for inflation and should have to vote for the debt increase. That’s the way it used to work.
Biden bank regulations would make it harder to get a loan
Bank lending is jet fuel for the U.S. economic engine. It is one of the primary sources of capital enabling companies to expand and consumers to obtain loans for homes and cars. But, the Federal Reserve is pushing a measure that would needlessly cut into lending by forcing banks to hold more capital in reserve. Every excess dollar parked in reserve means many fewer dollars lent out to businesses or consumers through the magical “multiplier effect” of banks using customer deposits to make loans.
The Early 2020s: Former World Bank President David Malpass On COVID, Inflation, China, And Climate
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Opinion | For Trump as for Clinton, It’s Still the Economy, Stupid
The Biden administration has argued against change. At first, it said inflation would be transitory. That idea was supported by the Federal Reserve, but like so many of the Fed’s inflation models, it didn’t pan out. The administration then blamed the supply chain, “shrinkflation,” corporate greed and Donald Trump. Shrinkflation didn’t work because the CPI takes smaller package size into account. The corporate-greed complaint wasn’t supported by the data.
Opinion | For Trump as for Clinton, It’s Still the Economy, Stupid
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Revolutionizing Sales and Marketing: How AI is Unleashing the Potential of SDRs
By David Malpass, senior vice president of marketing, Apollo.io The year 2023 was a wild one—shrinking bottom lines, longer sales cycles, and huge market expectations. The motto “Do more with less” became commonplace as companies conducted deep headcount cuts to stay afloat. The introduction of generative AI further intensified these challenges, with some organizations excelling in adapting to AI while others struggled and failed.
Opinion | Slow Growth Is Ahead Unless Government Gets Out of the Way
The U.S. growth rate held up in 2023, growing an annualized 3.3% during the fourth quarter despite dangerous crises in international affairs and weak foreign growth. But that news isn’t as good as it sounds. Government spending and the surge in national debt boosted the consumption side of U.S. gross domestic product, but business investment was muted. This portends weak growth: The Federal Reserve’s GDP projections in December called for only 1.4% growth in 2024 and 1.8% in 2025.
Opinion | How the Fed Can Boost Growth
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Growth on the World Stage on Apple Podcasts
David is joined this week by David Malpass, immediate past president of the World Bank, and long-time distinguished economist through multiple presidential administrations. They discuss the role of excessive government debt in impeding developed and developing nation’s growth, the underrated need for a strong and stable currency, and the lessons learned out of his extensive public- and private-sector service when it comes to optimal conditions for economic growth. This is not an episode to miss.
Opinion | Government Policies, Not Low Rates, Are Driving Inflation
The Federal Reserve’s monetary policy is broken. Normalization of interest rates has been needed for years to allow markets, not regulators, to allocate capital. But with interest rates at 5.5% and the dollar strong, the inflation battle must shift to the problem of government spending and regulation.
Opinion | Fitch Tells the Federal Reserve to Wake Up
The essence of Fitch Ratings’ Tuesday decision to downgrade U.S. Treasury debt: We’re experiencing a slow-motion fiscal train wreck, not a “soft landing,” and it’s draining global capital and endangering the dollar.
Opinion | A Growing India Is Good for the U.S.
When India’s Prime Minister Narendra Modi visits the U.S. this week, Americans should pay careful attention to his vision for 8% growth. Both countries would benefit greatly from faster growth.
The Parallel Exchange Rate Problem: The World Bank's Approach to Helping People in Developing Countries
The deterioration of economic conditions over the past few years and the growing depreciation pressures facing developing countries have led to a rise in the number of countries with active parallel currency markets. Currently, around 24 emerging and developing economies (EMDEs) have active parallel currency markets. In at least 14 of them, the exchange rate premium—the difference between the official and the parallel rate—is a material problem, exceeding 10 percent (see the table).
Parallel Exchange Rates: The World Bank's Approach to Helping People in Developing Countries
The deterioration of economic conditions over the past few years and the growing depreciation pressures facing developing countries have led to a rise in the number of countries with active parallel currency markets. Currently, around 24 emerging and developing economies (EMDEs) have active parallel currency markets. In at least 14 of them, the exchange rate premium—the difference between the official and the parallel rate—is a material problem, exceeding 10 percent (see the table).
Focusing on Debt
David Malpass David Malpass President at World Bank Group Published May 31, 2023 I have been deeply engaged on debt transparency and sustainability throughout my career—dating back to my work at the US Treasury in the 1980s. The current global debt crisis is one of the biggest obstacles to development.
Opinion | The World Economy Needs to Get Its Growth Back
The global economy is facing dangerously slow growth of 2% or lower. As I near the end of my term as World Bank president, I’m discouraged by the lack of resolve and action. I worry that slow growth may persist for years.
Recent G7 Meetings: Focused on Growth
David Malpass David Malpass President at World Bank Group Published May 24, 2023 It has been a busy month, dominated by two trips to Japan, firstly for the G7 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Niigata, and then the G7 Leaders’ Summit in Hiroshima. My focus at the G7 and throughout the month has been on the urgent need for policies that drive growth.
Shaping Tomorrow’s Debt Restructuring System
DAVID MALPASS As the debt crisis has unfolded in many of the world’s poorest countries, much attention has focused on seeking individual debt restructurings through the G20 Common Framework. This remains a priority, but the implementation remains slow and lacks the predictability needed to provide debtors and creditors with confidence.
Shaping tomorrow's debt restructuring system
As the debt crisis has unfolded in many of the world’s poorest countries, much attention has focused on seeking individual debt restructurings through the G20 Common Framework. This remains a priority, but the implementation remains slow and lacks the predictability needed to provide debtors and creditors with confidence.
Impactful climate mitigation requires standards, verification and standardization
Climate costs and development together need vast new resources. For developing countries, the needs are particularly large to provide for growing populations and decades of underinvestment. They need to make major advances on education, energy production, electricity access, health, infrastructure and nutrition just to make up for losses in recent years. Climate costs require significant additional resources, as does the increase in the cost of debt service and repayment.
May 2023 Update
David Malpass David Malpass President at World Bank Group Published May 9, 2023 Ahead of traveling to Japan for G7 meetings, I want to provide an update on my recent engagements on growth, debt, skills, and other priorities. Current debt levels are undercutting countries' ability to respond to challenges, with major harm to poverty, education, health, and more. On April 26, the World Bank hosted a conference on breaking the impasse in global debt restructuring.
Spring Meetings 2023: Toward a New Era
The statement on the meetings issued by the Chair of the Development Committee, a ministerial-level forum that represents 189 member countries, commended the WBG for its response to the unanticipated series of crises and welcomed the “ambition and progress” in the Evolution process.
Wrap-up of the Spring Meetings 2023
David Malpass David Malpass President at World Bank Group Published Apr 17, 2023 The World Bank Group-IMF Spring Meetings 2023 came at a time when the global economy is facing multiple headwinds. These include the Russian invasion of Ukraine, rising interest rates, banking sector stress, unsustainable debt levels, high oil prices, and persistent inflation. Policy changes around the world are vital to increase investment, jobs, growth, and production.
Afrique: Crise de la dette - Il faut agir maintenant
À l'occasion des Réunions de printemps du Groupe de la Banque mondiale et du FMI qui se tiendront cette semaine, je plaiderai avec force en faveur de solutions de développement robustes, à même de relever les défis de plus en plus nombreux qui se posent aux pays en développement. Trouver une issue à l'impasse dans laquelle se trouvent les processus de restructuration de la dette, en particulier pour les pays les plus pauvres du monde, sera au centre des discussions.
Action Needed on Debt Crisis
At the World Bank Group-IMF Spring Meetings this week, I will be advocating strongly for sound development solutions for the mounting challenges facing developing countries. Resolving the impasse in debt restructurings, especially for the world’s poorest countries, is going to be at the center of discussions. On Wednesday, I will co-chair, with IMF Managing Director Kristalina Georgieva and India’s Finance Minister Nirmala Sitharaman, an in-person meeting of the Global Sovereign Debt Roundtable.
My Visit to Niger and Togo
David Malpass David Malpass President at World Bank Group Published Apr 4, 2023 Last week I visited Niger and Togo to discuss regional and global priorities including strengthening security and peace, inclusive and sustainable economic growth, food security, energy access, and the importance of education, among other issues. The success of Africa is vital for the success of development.
Overcoming Debt, Generating Growth
Watch in: EnglishالعربيةFrançaisEspañol ABOUT THE EVENT AGENDA TRANSCRIPT GO TO: SPEAKERS The COVID-19 pandemic and related disruptions have intensified the debt crisis facing many developing countries. As of the end of 2021, the external debt of developing economies more than doubled from a decade earlier to $9 trillion. The situation is even more dire among the poorest countries — which slows growth and blocks progress on education, health, and climate action.
Recent Engagements and Look Ahead to Africa Trip and Spring Meetings
David Malpass David Malpass President at World Bank Group Published Mar 26, 2023 After a busy week, I wanted to provide an overview of several recent activities and engagements in DC and New York. On Thursday I announced the World Bank Group's new approach to strengthen our delivery of private capital facilitation (PCF) at an event hosted by the Center for Strategic and International Studies.
Development Finance Needs Creative Solutions. Rhino Bonds Are Just One Example.
The current strains in the financial sector highlight once more the importance of sound risk-management practices in banking. Understanding potential balance-sheet risks arising from holding specific assets is paramount. That’s why, when launching innovative new sustainable bonds, the World Bank is transparent and makes available all the information necessary for potential investors to assess the risk/return profile of an instrument.
The April 2023 Global Sovereign Debt Roundtable: Time for meaningful debt restructuring
In advance of the next meeting of the Sovereign Debt Roundtable on April 12, I want to provide a quick update on recent developments and reiterate my call for prompt action toward debt sustainability for debt distressed countries. In my remarks at the G20 Finance Ministers and Central Bank Governors on February 24, 2023, I outlined the core debt challenges facing many developing countries.
Development Finance Needs Creative Solutions. Rhino Bonds Are Just One Example.
About the author: David Malpass is president of the World Bank Group. The current strains in the financial sector highlight once more the importance of sound risk-management practices in banking. Understanding potential balance-sheet risks arising from holding specific assets is paramount.
Wrap-Up on My Trip to Panama and the Dominican Republic
David Malpass David Malpass President at World Bank Group Published Mar 15, 2023 Earlier this week I returned from a trip to Panama and the Dominican Republic where I met with government officials and private sector leaders. My visit focused on enhancing competitiveness and enabling private sector investment.
El presidente del Banco Mundial visitará la República Dominicana la próxima semana
https://resources.diariolibre.com/images/2023/02/16/crop-w942-h628-david-malpass-32bc0f88.jpg El presidente del Banco Mundial (BM), David Malpass, cumplirá esta semana y la próxima visitas oficiales en Panamá y República Dominicana para subrayar la importancia de impulsar la competitividad y facilitar las inversiones del sector privado a fin de acelerar el crecimiento y la recuperación ante las crisis simultáneas actuales.
The World Bank Group and International Women's Day
Ahead of International Women’s Day on March 8, I want to share an update on the World Bank Group’s work on gender. Addressing critical gender gaps, including female labor force participation, offers an opportunity to boost incomes and stimulate growth. Research from the World Bank has repeatedly made clear that accelerating gender equality can generate significant economic gains.
My Recent Trip to India
David Malpass David Malpass President at World Bank Group Published Mar 3, 2023 Last week, I had the pleasure of visiting India for meetings with the government, private sector, and the G20 finance ministers and central bank governors. I urged more policy actions to increase global growth and break the impasse on the developing country debt overhang.
Joe Biden wybrał nowego prezesa Banku Światowego
Prezydent Joe Biden wybrał nowego prezesa Banku Światowego, po tym jak swoją rezygnację zapowiedział poprzedni prezes wybrany przez Donalda Trumpa. Joe Biden na nowego prezesa Banku Światowego nominował byłego szefa Mastercard Ajaya Banga – Amerykanina urodzonego w Indiach. Oficjalna decyzja w tej sprawie ma zostać podjęta przez Bank Światowy w maju, jednak mało prawdopodobne wydaje się, by nie zgodzono się na tę kandydaturę.
World Bank board aims to pick next president by early May, US nominee expected soon
The 25-member board, under pressure to reform its operations to respond more aggressively to climate change and other global challenges, met for several hours on Wednesday to finalise its selection criteria and a timeline for the process.The criteria did not mention climate change.He faced pressure to resign last fall after failing to say whether he accepts the scientific consensus around climate change.A top minister in Germany, another of the bank's largest shareholders, this week told...
Some good news from the MDB sector
ON Wednesday, the World Bank announced that its president, David Malpass, had tendered his resignation — effective June 30 — well in advance of the expiration of his term in...
Statement by Secretary of the Treasury Janet L. Yellen on World Bank leadership
Yellen released the following statement on the leadership of the World Bank.“I thank David Malpass for his service as President of the World Bank and for his commitment to ensuring a smooth transition.Under President Malpass’ leadership, the World Bank has advanced shared priorities that have measurably improved the lives of people around the globe.And while we all must continue to raise our collective ambitions in the fight against climate change, during President Malpass’ tenure the World...
David Malpass to step down as World Bank chief in June - Pajhwok Afghan News
KABUL (Pajhwok): The World Bank chief, David Malpass, has announced to resign a year before his term is set to end. Malpass will leave office Language English دری پښتو Business & Economics World News David Malpass to step down as World Bank chief in June p p You need to subscribe to view the full article.Please login or register a new account.
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