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Business

World Bank Head Warns of Weak Economy, Bemoans Tax Evasion

Tax evasion and the use of offshore havens can have a tremendously negative effect on the mission to end poverty

A Chinese national flag flutters against the office buildings at the Shanghai Bund shrouded by pollution and fog in Shanghai, China, Thursday, April 14, 2016, photo: AP/Andy Wong
1 year ago

The president of the World Bank is lamenting the weak state of the global economy and warning that the kind of tax evasion exposed in the Panama Papers investigation is fueling poverty around the world.

Jim Yong Kim say “there are not many bright spots” in the global economy today. He’s also warning that the economy is at further risk from the refugee crisis, climate change and pandemics.

And Kim says tax evasion and the use of offshore havens “can have a tremendously negative effect on our mission to end poverty.”

He made his comments Thursday during the spring meetings of the World Bank and International Monetary Fund.

FILE - In this April 8, 2016 file photo, people are reflected on the electronic board of a securities firm in Tokyo. The IMF on Tuesday, April 12 downgraded its outlook for growth for most regions and for the global economy as a whole. It now foresees a weaker financial landscape than it did in January. Like the World Bank and the Organization for Economic Cooperation and Development, the IMF has repeatedly overestimated the strength of the world economy in the aftermath of the 2008 financial crisis. (AP Photo/Shizuo Kambayashi)

The IMF on Tuesday, April 12 downgraded its outlook for growth for most regions and for the global economy as a whole. It now foresees a weaker financial landscape than it did in January. Like the World Bank and the Organization for Economic Cooperation and Development, the IMF has repeatedly overestimated the strength of the world economy in the aftermath of the 2008 financial crisis. Photo: AP/Shizuo Kambayashi

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