Statement by Secretary of the Treasury Janet L. Yellen on the World Bank Development Committee

WASHINGTON - This Spring, the shareholders of the World Bank Development Committee convene in Washington D.C. at a time of great consequence. President Biden’s agenda has led to strong growth in the United States, inflation has come down, and the labor market is robust, with unemployment rates at near historic lows. Strong economic performance in the United States has helped lift the world economy, increasing the prospects for a soft landing globally. But those prospects are not felt equally everywhere. Challenges associated with debt vulnerabilities and distress, climate change, risks of future pandemics, fragility and conflict, and food and water insecurity abound.