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The Latest Breaking News from the World Bank

Ethiopia’s bold economic reforms target stability and growth, but they come with risks

Ethiopia’s recent macroeconomic reforms, supported by the International Monetary Fund (IMF) and the World Bank, could have profound implications for the country and the region. The key reforms include the use of a floating exchange rate system and of interest rates as a policy tool.

The Conversation

US has its first national strategy to reduce plastic pollution − here are 3 strong points and a key issue to watch

Plastic waste is piling up at a daunting pace around the world. The World Bank estimates that every person on the planet generates an average of 1.6 pounds (0.74 kilograms) of plastic waste daily.

The Conversation

Migrant workers sent $650bn overseas last year – what it means

People living abroad are sending more money to their families at home, but how do money transfers work?

Al Jazeera

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Bangladesh parliament dissolved a day after resignation of prime minister

Move comes after longtime leader Sheikh Hasina resigned and fled country after weeks of deadly unrest

The Guardian - AU

No jobs, no trust: young Africans’ economic struggles fuel protests

Young people have taken to streets in Kenya, Uganda and Nigeria amid cost of living crises and lack of jobs

The Guardian - UK

Rich, western countries face a stark choice: 6-day workweeks or more immigration, top economist warns

One of the world's foremost economists, Lant Pritchett, has a plan.

Fortune

World Bank warns 108 countries risk being stuck in ‘middle-income trap’

Too many nations, including China and India, are relying on outmoded strategies to become advanced economies, says report

The Guardian - UK

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Tanzania's Maasai relocation scheme slammed in new HRW report

A Human Rights Watch report says Tanzania is forcibly evicting tens of thousands of Maasai from their ancestral lands, claiming that government rangers beat some members of the community with impunity.

Radio France Internationale

World Bank Approves $1.5 Billion Ethiopia Rescue Package

The World Bank has approved a $1.5 billion financial package to support cash-strapped Ethiopia's economic reform programme after officials loosened curbs on the local currency.

International Business Times

Trade row won’t hurt US and China’s emissions talks, says US climate chief

John Podesta says negotiations ‘to find a path forward’ continue with urgent discussions planned for Cop29

The Guardian - UK

Former Mozambique finance minister on trial in US over 'tuna bond' scandal that spurred debt crisis

The “tuna bond” scandal that shook Mozambique’s economy is washing into a U.S. court

The Independent UK

How Israel has brought the Palestinian Authority to the brink of financial collapse

Israel’s ultranationalist finance minister, Bezalel Smotrich, announced in May that he would be witholding tax revenues earmarked for Palestine. The decision was made in response to Spain, Ireland and Norway’s recognition of a Palestinian state.

The Conversation

Pacific islands are being ‘debanked’. What does it mean – and why are Australia, NZ and the US concerned?

The withdrawal of major banks from Pacific islands poses significant socio-economic risks to the region, prompting intervention by Australia, the US and New Zealand.

The Conversation

Mauritanians vote in presidential election as incumbent Ghazouani expected to secure second term

Mauritanians went to the polls on Saturday to elect their next president, with the incumbent Mohamed Ould Ghazouani widely expected to win after positioning Mauritania as an exception in a region swept by coups and violence.

France 24

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The Guardian - UK

Key takeaways from the Bonn climate conference

Main points from the talks in Germany over who should pay for changes needed to cope with impact of climate breakdown

The Independent UK

Nigeria bets on a new $2.25B World Bank loan to support reforms that have resulted in hardship

The World Bank has approved a $2.25 billion loan for Nigeria to shore up revenue and back economic reforms that have contributed to the worst cost-of-living crisis in many years for Africa’s most populous country

France 24

World Bank sees global 'soft landing' but warns of sluggish growth for developing nations

The World Bank has upgraded its global growth outlook for this year, expecting it to hold steady at 2.6 percent for the first time in three years. The latest Global Economic Prospects report, however, warns that growth still remains well below the average of the pre-pandemic decade, with the world's…

The Conversation

Africa’s freeports should boost trade and foreign exchange earnings – but evidence is thin

The concept of a freeport – an area where normal tax and customs rules don’t apply – has existed for centuries. Over time, different terms have emerged. They include export processing zones, free trade zones, special economic zones and industrial free zones. West Africa has 29 free zones, spanning 11…

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Top News

World Bank Upgrades Global Economic Outlook, Cautions On Trade Barriers

World Bank revises global economic outlook for 2024, highlighting growth projections, concerns about trade barriers, and conflicts impacting economic perfo...

International Business Times

World Bank Upgrades Global Growth Outlook On Resilient US Economy

The World Bank raised its global growth outlook on Tuesday on the back of resilient consumer spending in the United States, but warned that growth remains weak by historical standards.

The Independent UK

World Bank boosts forecast: Strength of US economy will support global growth of 2.6% this year

The World Bank has upgraded its outlook for the global economy, estimating that it will expand 2.6% this year on the strength of sustained growth in the United States

The Guardian - UK

Protectionism is slowing growth and entrenching poverty, says World Bank

International cooperation that allowed poorest countries to close gap with wealthiest has fractured, says report

The Conversation

Investors have bid against each other to buy Australia’s first green bond. Here’s why that’s a great sign

You might think government debt is bad, but it actually plays a crucial role in modern finance.

The Independent UK

Mexico's president vows to press ahead with changes to Constitution despite market nervousness

Mexico’s outgoing president has pledged to press ahead with judicial reforms despite nervousness among investors, and suggestions from his own handpicked successor that he should wait

The Conversation

African countries could unlock billions in local and global trade – what’s working and what’s not

Africa’s share of global trade remains disproportionately small, hovering around 2%-3%. Countries on the continent trade more with the rest of the world than they do among themselves. Africa needs to improve its share of trade to boost growth and reduce poverty.

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