Business Standard

US fiscal impasse affects global economy: World Bank

The federal government will reach its debt ceiling of $16.7 trillion by Oct 17

Related News

The fiscal uncertainties in the have global implications and will undermine the efforts to end poverty in developing countries, the said.

"The US remains the biggest economic power in the world and whatever happens here is going to affect all the developing countries," Xinhua quoted Sri Mulyani Indrawati, World Bank Group's managing director and chief operating officer, as saying Thursday.

The US debt ceiling issue is clearly getting attention around the world, and it is in everyone's interest for the fiscal dispute between US and to be resolved in a timely manner, she told reporters during a press briefing.

As the US government shutdown is in its 11th day, Washington faces another fiscal deadline. The federal government will reach its debt ceiling of $16.7 trillion by Oct 17, and failure to raise it would lead to a catastrophic default, US Treasury Secretary Jacob Lew has said.

The lingering US fiscal wrangle will push borrowing costs higher in developing countries, shifting their resources to service the debt from projects targeted at reducing poverty and enhancing shared prosperity.

Global economy has some good news as the European economy is picking up steam, but on the other hand, "we are still very concerned" about the fragile recovery of the global economy against the backdrop of the US fiscal impasse, Indrawati said.

The World Bank Group is committed to the main goals of ending extreme poverty by 2030 and promoting shared prosperity.

The Washington-based agency stands ready to help developing countries strengthen their policy frameworks to achieve robust and inclusive growth, she added.

Read more on:   
|
|
|

Read More

Argentina extends fuel-price freeze for 45 days

Buenos Aires, Oct 11 (IANS/EFE) Argentina has extended a six-month-old freeze on fuel prices for 45 days via a resolution published Thursday in the ...

Columnists Rss icon

Rajeev Malik

Rajeev Malik: Now for the hard part
Rajeev Malik

Raghuram Rajan has work to do, in order to broaden and cement his legacy

Ajai Shukla

Ajai Shukla: The day nothing happened
Ajai Shukla

India has victories, brave deeds and valorous soldiers who deserve celebration

Editorial Comment Rss icon

A wayward path

CBI should be held accountable for errors

Starving a dinosaur

Don't unbundle Food Corporation, prune it

TWEETS @ POLITICS
@SinghRPN
@Inshal07 Thank you
@milinddeora
RIP Dr HG Desai - gastroenterologist, humanitarian and friend
@digvijaya_28
Every Defence deal runs into Thousands of Crores and so does the bribe. Would the NDA Govt's Conscience Keeper Mohan Bhagwatji pl respond ?
@thekiranbedi
Am so happy our children will get to hear @PMOIndia directly on Sept 5 It'l b an unforgettable experience for them!Excellent for Gen-Next!
@ajaymaken
These #BhaktChannels should know that @INCIndia's top leadership doesn't campaign in byelections.2/2
@MPNaveenJindal
RT @HTPunjab: #Himachal court bans animal sacrifice in temples http://t.co/MCKRgVUdhF #htpunjab
@Panda_Jay
My Twitter handle changed yesterday to @PandaJay 😊, please follow that..
@ShashiTharoor
My take on Kerala's new liquor ban & its implications http://t.co/5Pdn7RxaOh
@Swamy39
Will be on Thanthi TV at 8 pm today
@narendramodi
RT @JapanGov: @PMOIndia Japan is excited to welcome PM Modi of #India. Here’s to a long-lasting friendship b/w our two countries. http://t.
@abdullah_omar
Eid Mubarak to all of you. May Allah shower his choicest blessings on all of us.
@varungandhi80
http://t.co/8PWBEuNbw1
@ArvindKejriwal
RT @GulPanag: Thought for the day. Also, morning (and only) walk for some . #T3 http://t.co/8Faflflzk6
@PMOIndia
The press interaction has concluded.
@rajeev_mp
5/5 #PSUbanks can no longer b piggy banks fr rich & powerful; reformng & restoring them 2 health needs 2 b priority fr Govt #TransformIndia
@quizderek
Here's the video link to an interview recently given to Rajya Sabha TV http://t.co/Px0QGGcDAj
@
RT @kushkatakia: Mandatory reading for all 'Master Chef' wannabees- The Bangala Table: Chef's Book of Secrets | @bsindia : http://t.co/iMzA
@SushmaSwaraj
गणेश चतुर्थी की शुभ कामनाएं Happy Ganesh Chaturthi .
@arunjaitley
Wish you all a very happy Ganesh Chathurthi.
@MVENKAIAHNAIDU
1/2 FM assured full support for these programs. Announcements will be forthcoming shortly. The Urban India will get its due importance.
@nitin_gadkari
वक्रतुण्ड महाकाय सूर्यकोटी समप्रभ निर्विन्घ्नं कुरुमे देव सर्व कार्येषु सर्वदा गणेश चतुर्थी की हार्दिक शुभकामनाये! http://t.co/0OVYiTf0D7
@DVSBJP
Wishing everyone a Happy Krishna Janmashtami. http://t.co/6TzohYWXOc
@umasribharti
चन्‍द्रशेखर राव को बधाई. तेलंगाना राज्‍य का मेरा संकल्‍प एवं सपना पूरा, तेलंगाना की नदियों का ध्‍यान रखेंगें.
@AnanthKumar_BJP
Oota From your Thota Inauguration. Check for details... https://t.co/xXFiv2S4R0 http://t.co/eZTUaZjjYq
@smritiirani
RT @HRDMinistry: Minister HRD & British High Commission address British exchange students participating in the UK-India Education & Researc…
@drharshvardhan
Morya re Bappa morya re...Ganesh Chaturthi greetings from me and family to all. May Lord Ganesh give good health to all. Have a great year.
@Gen_VKSingh
गनपति बप्पा मोरया!! आप सब को गनेश चतुर्थी की शुभकामनाएँ http://t.co/hoEpLtgoeW
@Rao_InderjitS
RT @ANI_news: Have decided that directly under PMO we want to create a team that will work to facilitate Japan investments in India: PM Modi
@nsitharaman
@ANI_news Dhanyavaad, Mananiya @BJPRajnathSingh ji.
@RSSorg
Brutal murder of a dedicated worker of RSS in Kannur (Kerala) by frustrated CPM goons. RSS strongly condemns this cowardly act : Dr. Vaidya

Back to Top