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The Latest Breaking News from World Bank

IMF Chief Calls For Unity On Shared Challenges In 'Deeply Troubled Times'

The international community must come together despite the "difficult geopolitical environment" to tackle shared challenges like lackluster growth and the existential threat posed by climate change, the head of the IMF said Thursday.

International Business Times

Wars, debt, climate crisis and Covid have halted anti-poverty fight – World Bank

Setbacks mean UN goal of ending extreme poverty by 2030 is impossible to hit, report finds

The Guardian - UK

Malaysia could reach high-income status by 2028, World Bank says

Southeast Asian economy on track to reach milestone within four years after 2024 growth forecast raised to 4.9 percent.

Al Jazeera

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Emerging markets could miss out on AI wins: World Bank

Artificial intelligence may not necessarily make the fight against inequality any easier, the World Bank president has said during an Australian visit.

AAP

1.2 billion young people will need a job in the next 10 years. The World Bank is trying to help them find one

World Bank president Ajay Banga is in Canberra this week. It’s the first time a World Bank president has visited Australia in seven years.

The Conversation

The leading alternative to GDP is languishing over a technical disagreement – with grave potential consequences

Many commentators believe that the world should move away from measuring economic success in terms of GDP growth. Yes, growth has brought prosperity and untold riches, but it has had significant negative side effects for the planet, including climate change, pollution and species extinction. None of these are captured in…

The Conversation

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

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Sudan’s catastrophe: farmers could offer quick post-war recovery, if peace is found

More than a year of conflict between the Sudanese Armed Forces and the Rapid Support Forces has weakened the country’s fragile economy. This is in addition to triggering a humanitarian crisis, loss of lives, property destruction and income disruptions.

The Conversation

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

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

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

What do the IMF and foreign debt have to do with Kenya’s current crisis?

Critics say IMF provides loans to desperate African countries on stringent terms, disproportionately affecting the poor.

Al Jazeera

Millions in Nigeria have little to no electricity. It's straining businesses and public services

The lack of reliable electricity severely affects education and businesses in Nigeria

The Independent UK

Bretton Woods: bloodied, battered but still a huge international achievement 80 years on

In July 1944, with war still raging in Europe and the Pacific, 730 delegates from 44 countries gathered at the Mount Washington, a grand hotel built at the turn of the century in New Hampshire. They were on the edge of a little town called Carroll, surrounded by a national…

The Conversation

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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

The Independent UK

Myanmar's economy in crisis as civil strife disrupts trade and livelihoods

Myanmar, once a thriving emerging economy, is struggling to regain momentum as the country's civil war increasingly disrupts trade and livelihoods

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

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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

Fortune

Renault links up with Chinese partner to build $22,000 EV after VW broadside

Renault CEO Luca de Meo was critical of Volkswagen after talks over a joint affordable EV imploded.

International Business Times

Philippines Deploys River Rangers In Battle Against Plastic

Using a long-handled net, Ronnel Narvas scoops up discarded plastic soft drink bottles, shopping bags and palm-sized sachets as he wades through a foul-smelling tributary in the Philippine capital Manila.

The Guardian - UK

Hopes grow of G7 deal to support Ukraine with $300bn in frozen Russian assets

Foreign ministers confident of agreement to use bank assets as security for Ukraine reconstruction loan

The Independent UK

Poverty in Lebanon tripled over a decade, World Bank says

The World Bank says poverty in Lebanon has tripled over the course of a decade during which the small Mediterranean country slid into a protracted financial crisis

The Guardian - UK

World Bank and IMF can press Ghana to rethink ‘punitive’ LGBTQ law, charities say

Charities and campaign groups are calling on bodies to say they may stop funding country if legislation comes into effect

The Guardian - UK

Oil price could exceed $100 a barrel if Middle East conflict worsens, World Bank warns

Increase in cost of crude could drive inflation up and force central banks to keep interest rates high

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