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OCTOBER 29, 2021
Remarks by World Bank Group President David Malpass at
the G20 Joint Finance and Health Ministerial
Rome
October 29, 2021
Thank you; Ministers Franco and Speranza:
welcome the Italian G20 presidency's efforts
to improve coordination on pandemic preparedness and response:
As we enter the third year of this health and economic crisis,
we are witnessing tragic
reversals in development: Indicators of poverty, growth, inequality, nutrition, education;
climate; and
gender equality have all deteriorated.
The stakes are even higher
than in 2020 when COVID struck Outbreaks continue,
even as inflation;
energy shortages, and the breakdown of supply chains are causing
another slowdown: Unsustainable debt burdens are weighing on the future investment
climate_
Advanced economies have benefited from the recovery; but per capita incomes in
developing countries have barely risen from the COVID trough:
This crisis is also turning out to be the worst blow to human capital in living memory. The
pandemic has led to a decline in critical health services, including child vaccinations_
School closures have put children's learning
nutrition at great risk: Our new data
from developing countries shows that the share of 10-year-olds unable to read a basic
text has risen to 70% from 530 pre-COVID.
These reversals are extremely worrying: The World Bank Group is fully engaged in each
challenge and
urge evervone here todav to do all vou car
today
and