Similar to warnings from major global institutions about the US debt ceiling crisis, notably the International Monetary Fund (IMF) and Moody’s, the President of the World Bank, David Malpass, also warned; On the sidelines of the G7 meeting on Friday, the United States risks defaulting on its debt.
Malpass explained that the crisis would increase the problems facing the slowing global economy, with high interest and worsening debt levels limiting investments needed to increase production.
The World Bank official added that the financial hardship of the world’s largest economy would have negative effects on everyone, as well as its adverse consequences if not.
On Thursday, U.S. Treasury Secretary Janet Yellen confirmed that the failure of the U.S. Congress to raise the $31.4 trillion debt ceiling would lead to a financial and economic disaster.
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