The risk of a U.S. default is adding to problems facing the slowing global economy, with rising interest rates and high debt levels already choking back investments needed to fuel higher output, World Bank President David Malpass said on Friday.
Group of Seven finance officials meeting in Japan discussed the "very high importance" of raising the U.S. debt limit and averting the negative repercussions of a potential default on U.S. government debt for the first time ever.
Global growth was slated to fall below 2% in 2023, and could stay low for several years, he said. One of the big challenges was that advanced economies had taken on so much debt that it would take a lot of capital to service it, leaving too little investment for developing countries, he said. He said it was frustrating to see the slow pace of progress on the overall debt restructuring front, noting how difficult it was for countries to attract investment until they had agreements in place to make their debt more sustainable.
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