World Bank head warns of weak economy, bemoans tax evasion

Staff Writer
Columbus CEO

WASHINGTON (AP) — 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.