Latin America Advisor 2023-03-06 – Inter-American Dialogue

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

March 6, 2023

What Challenges Will Face the World Bank’s Next Leader?

The Biden administration last month nominated former Mastercard CEO Ajay Banga as the next president of the World Bank. // File Photo: Mastercard.

Q

The administration of U.S. President Joe Biden on Feb. 23 nominated Ajay Banga, the former chief executive officer of Mastercard, to succeed David Malpass as president of the World Bank. Banga’s nomination marks the beginning of a confirmation process likely to take months before the World Bank’s board makes a final decision. The United States, which is the World Bank Group’s largest shareholder, traditionally selects the organization’s leader. If confirmed, what would Banga bring to the role, and what does his nomination mean for Latin America and the Caribbean? What should the World Bank’s next leader prioritize, and what challenges face the organization’s next president?

A

Alicia Bárcena, former executive secretary of the United Nations Economic Commission for Latin America and the Caribbean: “Latin America was hard hit by the Covid-19 pandemic in social and economic terms, with rising inflation due to high food and fuel prices, and it faces low growth rates: 1.6 percent in 2023 and 2.3 percent in 2024. Poverty has reached its highest rates in decades—around 30 percent—with increasing levels of unemployment and labor informality as well as setbacks on health, education and nutrition. The region is among the most vulnerable to the effects of climate change and comprises around 29 middle-income countries. The challenges ahead are increasing debt, as well as encouraging growth and productivity with new and better jobs with women’s participation at the center. The World Bank must foster…”

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ABOUT THE LATIN AMERICA ADVISOR

The Inter-American Dialogue publishes the Latin America Advisor every business day for a distinguished membership of informed corporate leaders, scholars, and government officials invested in Latin America’s development and future. The Advisor‘s highly regarded Q&A section covers questions submitted by subscribers themselves. Commentators regularly include heads of state, business leaders, diplomats, economists, analysts, and thought leaders from around the world. Many of the world’s largest and fastest-growing companies subscribe to the Advisor. To subscribe, click here. For terms and conditions, click here. For more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.

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Staff

Gene Kuleta
Editor
P. 202.463.2920
E. gkuleta@thedialogue.org

Carl David
Goette-Luciak
Reporter

Nili Blanck
Reporter

board of advisors

Diego Arria
Director,
Columbus Group

Merike Blofield
Professor of Political Science,
University of Hamburg

Devry Boughner Vorwerk
CEO,
DevryBV Sustainable Strategies

Joyce Chang
Global Head of Research,
J.P. Morgan

Marlene Fernández
Corporate Vice President for Gov’t Relations,
Arcos Dorados (McDonald’s)

Peter Hakim
President Emeritus,
Inter-American Dialogue

Donna Hrinak
Director,
Adtalem Global Education

Jon E. Huenemann
Council Member,
GLG Inc.

James R. Jones
Chairman,
Monarch Global Strategies

Craig Kelly
Senior Director,
Int’l Gov’t Relations,
Exxon Mobil

Barbara Kotschwar
Professor of Political Economy,
Georgetown University

John Maisto
Director,
US Education Finance Group

Nicolas Mariscal
Chairman,
Grupo Marhnos

Thomas F. McLarty III
Chairman,
McLarty Associates

Beatrice Rangel
Director,
AMLA Consulting

Ernesto Revilla
Head of Latin American Economics, Citi

Gustavo Roosen
President,
IESA

Andrés Rozental
President, Rozental &
Asociados

Shelly Shetty
Managing Director,
Sovereigns, Fitch

Launch of the Regional Repository of Chinese Investments in Latin America

asia & Latin America

education

energy transition & Climate

Migration, Remittances & Development

peter d. bell rule of law

cities

Women & Girls