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

Nitin Desai

Nitin Desai: Exhaustion in Lima
Nitin Desai

The confused outcome of climate-change talks reflects the complex fault lines that divide countries on this issue

Anjuli Bhargava

Anjuli Bhargava: Why Delhi does not need another airport
Anjuli Bhargava

Instead of putting his weight behind a new international airport at Jewar in Greater Noida, the new Minister of State for Civil Aviation should ...

Editorial Comment Rss icon

Let SpiceJet fail

Government aid to SpiceJet hurts economy

Peshawar's murdered children

Will tragedy jolt Pakistan's establishment into sense?

TWEETS @ POLITICS
@SinghRPN
Spoke to students at Udit Narain College in Padrauna,stressed on need for hard work & integrity.True for politics too http://t.co/0bM0nthWiT
@milinddeora
All things must pass All things must pass away ~ George Harrison
@digvijaya_28
Either accept what Dharmjagran Manch is saying or disband it. Come on show some Guts. Take off your Mukhauta.
@thekiranbedi
Watching Rajya Sabha Debate:Target of entire Opposition is one man @PMOIndia: Just as d Hope of the country today is one man @narendramodi
@ajaymaken
@kanikacart has explained through her cartoon, what the students may write about Good Governance in their essays ;) http://t.co/CyPVAwGr5A
@MPNaveenJindal
RT @JSPLCorporate: #EmpoweringWomen Unskilled & Semiskilled Women producing incense sticks, encouraging others from neighboring villages ht…
@Panda_Jay
My Twitter handle changed yesterday to @PandaJay 😊, please follow that..
@ShashiTharoor
RT @calestous: @ShashiTharoor Please help bring to the world this inspiring African peacebuilding story http://t.co/zs9tA73KNg http://t.co/
@Swamy39
Today the SC CJI told JJ's Counsel that "Dr. Swamy can come anytime to this Court for relief if he is threatened or any violence is done" !!
@narendramodi
On Qatar National Day, my greetings to the citizens of Qatar. I am very optimistic about stronger cooperation with Qatar in the coming years
@abdullah_omar
Well done @isro, amazing achievement today. http://t.co/gJ8215boRM
@varungandhi80
My speech in Parliament on coal block allocations. https://t.co/aWpfosFea5
@ArvindKejriwal
Are delhi elections being pushed to April? BJP so scared?
@PMOIndia
Both Houses of Parliament observed 2 minutes of silence in solidarity with people of Pakistan in the wake of the terror attack in Peshawar.
@rajeev_mp
Malaise of Child #SexualAbuse: Widespread & Rampant! My efforts & fight towards ensuring a #ChildSafeIndia continues! http://t.co/gOqOEEzk0q
@quizderek
RT @waglenikhil: Modi not attending parliament is totally undemocratic.He did d same in Gujarat,nobody raised voice.But,Delhi is not Gandhi…
@
While growth and policy risks also loom,strategists are looking at top 5 risks most likely to upset financial markets http://t.co/mOAqT2Whwe
@SushmaSwaraj
In view of the massacre of innocent children in Pakistan, tonight's dinner hosted by me for Members of Parliament is hereby cancelled.
@arunjaitley
Watch me live releasing the Government of India Calendar 2015. http://t.co/A5RK9PwRK9
@MVENKAIAHNAIDU
Congratulations Team ISRO for success of #GSLV MKIII.Project was envisioned & initiated during Atalji's Govt. Now we are getting its fruits.
@nitin_gadkari
Discussed expediting defense land related issues in constructing linear projects like roads with Defense minister http://t.co/s9NgY8VR0Y
@DVSBJP
RT @KarnatakaVarthe: @AnanthKumar_BJP @DVSBJP @PrakashJavdekar GM Siddeshwara @BSYBJP @mepratap @ShobhaBJP & others attended d meeting 2/2 …
@umasribharti
चन्‍द्रशेखर राव को बधाई. तेलंगाना राज्‍य का मेरा संकल्‍प एवं सपना पूरा, तेलंगाना की नदियों का ध्‍यान रखेंगें.
@AnanthKumar_BJP
@ Meeting with the Hon'ble Home Minister Shri Rajnath Singh Ji along with Shri Prahlad Joshi on 16-Dec in New Delhi http://t.co/o9m74rLRIR
@smritiirani
RT @PIB_India: Min.,@HRDMinistry, Smt. @smritiirani lays foundation stone of new Senior Secondary School Bldg., at Dwarka, New Delhi http:/…
@drharshvardhan
Watch me on RSTV. http://t.co/EGcgNOmCSV
@Gen_VKSingh
Condemn instances of violence & racially motivated comments against African nationals in India http://t.co/ADjxcRhIOW
@Rao_InderjitS
In today's fast paced world, we shld not forget the spirit of brotherhood. Feeling of togetherness must also be fostered among young people.
@nsitharaman
Today-IIFT Conference on Empirical Issues in International Trade & Finance.80 research papers in 21 Tech Sessions. Expert panelists.@CimGOI
@RSSorg
We strongly condemn the savagery of #Peshawar Monsters

Back to Top