Belfast Telegraph

Governments 'must prepare for crises'

By Kalyeena Makortoff

The chief executive of the World Bank has warned governments to "buckle up" for the next string of global crises that will provide little respite for struggling economies.

Kristalina Georgieva said the growing frequency of financial, economic and terror-related emergencies is becoming the "new normal" and will require a more agile response from politicians and businesses.

"I'm asking myself what has changed in this decade and my conclusion is what has changed probably can be summed up with 'buckle up'.

"We are now at the point when shocks are more frequent. Unexpected crises are maybe not more dramatic than they used to be before, but they are very impolite, they don't wait their turn," she said during a panel discussion at the St Petersburg International Economic Forum in Russia.

"It used to be there would be a massive crisis, it comes, hits us, for a couple of years we struggle with it ... and then it goes away, and then a new crisis would come later."

Countries are now facing multiple challenges simultaneously, she said.

Belfast Telegraph