People at a refugee camp in Baidoa, Somalia, February 14, 2022. (Photo: AFP/VNA)

Talking to reporters on the sidelines of the annual meeting of the World Bank and the International Monetary Fund in Washington on Thursday, Malpass said that all problems such as inflation, rising interest rates, and cutoff of capital flows to the developing world have hit the poor hard.

In a study published in mid-September, the World Bank warned that as central banks across the world simultaneously hike interest rates in response to inflation, the world may be edging toward a global recession in 2023, with a growth forecast of only 0.5 percent.