Yellen Optimistic on Economy, Downplays Banking Woes and Downturn Risks

Treasury Secretary Janet Yellen is optimistic about the global economy and believes finance ministers have the tools to prevent a steep slowdown. Her outlook contrasts with the IMF's gloomy economic forecasts last October. Yellen acknowledges the downside risks posed by Russia's war in Ukraine and the pandemic's lingering effects. The IMF predicts global growth will drop below 3% this year and then hover around that level for the next five years. The World Bank's David Malpass plans to step down in June and will be replaced by Ajay Banga.