Both Ajay Banga, the institution’s president, and chief economist Indermit Gill warned that the fallout from the sudden shift to an era of elevated borrowing costs may be tough.will stay higher for longer,” the World Bank chief told reporters in the Moroccan city of Marrakech Oct. 11. “That can be a complicated event in many ways, both for investments as well as for people who over the years got used to a lower interest-rate environment.
The problem is that nations with large piles of borrowings then face a “crowding out” effect on private investment, Gill observed.
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