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World Bank President David Malpass speaks during an interview with Reuters at the G7 Finance Ministers and Central Bank Governors' meeting, in Niigata, Japan, May 12, 2023. REUTERS/Issei Katois adding to problems facing the slowing global economy, with rising interest rates and high debt levels already choking back investments needed to fuel higher output, World Bank President David Malpass said on Friday.

Group of Seven finance officials meeting in Japan discussed the"very high importance" of raising the U.S. debt limit and averting the negative repercussions of a potential default on U.S. government debt for the first time ever.would be negative for everyone," he told Reuters on the sidelines of the G7 meeting."The repercussions would be bad to not get it done."

Malpass said there had been discussion during the G7 meetings about the need to boost productivity and growth, and also deal with a high debt overhang facing a growing number of countries.

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