AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 130.95 Increased By ▲ 1.42 (1.1%)
BOP 6.75 Increased By ▲ 0.07 (1.05%)
CNERGY 4.71 Increased By ▲ 0.08 (1.73%)
DCL 8.98 Increased By ▲ 0.04 (0.45%)
DFML 43.24 Increased By ▲ 1.55 (3.72%)
DGKC 83.98 Increased By ▲ 0.21 (0.25%)
FCCL 32.80 Increased By ▲ 0.03 (0.09%)
FFBL 77.60 Increased By ▲ 2.13 (2.82%)
FFL 11.54 Increased By ▲ 0.07 (0.61%)
HUBC 111.00 Increased By ▲ 0.45 (0.41%)
HUMNL 14.53 Decreased By ▼ -0.03 (-0.21%)
KEL 5.46 Increased By ▲ 0.07 (1.3%)
KOSM 8.46 Increased By ▲ 0.06 (0.71%)
MLCF 40.00 Increased By ▲ 0.21 (0.53%)
NBP 60.76 Increased By ▲ 0.47 (0.78%)
OGDC 198.50 Decreased By ▼ -1.16 (-0.58%)
PAEL 26.80 Increased By ▲ 0.15 (0.56%)
PIBTL 7.90 Increased By ▲ 0.24 (3.13%)
PPL 158.98 Increased By ▲ 1.06 (0.67%)
PRL 26.53 Decreased By ▼ -0.20 (-0.75%)
PTC 18.85 Increased By ▲ 0.39 (2.11%)
SEARL 82.66 Increased By ▲ 0.22 (0.27%)
TELE 8.43 Increased By ▲ 0.12 (1.44%)
TOMCL 34.80 Increased By ▲ 0.29 (0.84%)
TPLP 9.19 Increased By ▲ 0.13 (1.43%)
TREET 17.40 Decreased By ▼ -0.07 (-0.4%)
TRG 61.85 Increased By ▲ 0.53 (0.86%)
UNITY 27.83 Increased By ▲ 0.40 (1.46%)
WTL 1.39 Increased By ▲ 0.01 (0.72%)
BR100 10,490 Increased By 83.1 (0.8%)
BR30 31,857 Increased By 144.1 (0.45%)
KSE100 98,057 Increased By 728.1 (0.75%)
KSE30 30,431 Increased By 239 (0.79%)
World

World Bank sees economies reducing dependence on Russia for energy, on China for supply chains

WASHINGTON: World Bank President David Malpass on Wednesday said he expects a “strong effort” by major economies to...
Published April 20, 2022

WASHINGTON: World Bank President David Malpass on Wednesday said he expects a "strong effort" by major economies to reduce their dependence on Russia for energy supplies and China for supply chains, although cross-border trade and investment flows would continue.

Asked about the growing risk of a fragmentation of the global economy in the wake of Russia's invasion of Ukraine, Malpass said there had been an overdependence on Russian energy and Chinese supply chains, and shifts underway were necessary.

"That can be good for China," he told a news conference. "As specific supply chains are less dependent on China, it allows China to move into other sectors and to look forward to the markets for the future."

World Bank to send Ukraine $1.5bn as food, energy prices spike

Malpass said he expected trade and investment across borders to continue, despite the adjustments, arguing that fragmentation into separate blocs would subtract from global productivity.

"I don't see this as a negative step. It's a necessary step for the world to look at regional trade growth," he said. "I'm quite sure that the world will continue trading."

Malpass said he was seeing strong sentiment among World Bank and International Monetary Fund members meeting in Washington this week to keep markets open and even expand market access to help address the current food security crisis.

Comments

Comments are closed.