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The Latest Breaking News from Indermit Gill

Middle East Clashes Could Hit The World Economy. Growth Could Be Slashed to 1.3%, World Bank Says

World Bank Chief Economist Indermit Gill said that if the war continues for another six months or longer, growth could fall from the projected 2.5% to as little as 1.3%.

International Business Times

Iran-US war in numbers: Five charts that lay bare the impact of Trump’s conflict

IN FOCUS: Nearly four months after the US and Israel launched a war on Iran, the lasting global impact is becoming clearer. Alex Croft reports

The Independent UK

Developing Economies Face a 'Lost Decade' as Iran War Drives Global Economic Strains, World Bank Warns

The lender downgraded growth forecasts for roughly two-thirds of the world's economies, citing disruptions to energy markets and trade routes linked to the conflict

Latin Times

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US Farmers Raise Red Flag Over 'Unsustainable' Costs As Iran War Cuts Off Fertiliser Supply

US farmers face financial strain as fertiliser and fuel costs rise due to the Iran conflict, affecting crop yields and food prices.

International Business Times UK

Quarter of developing countries poorer than in 2019, World Bank finds

Global growth ‘downshifted’ since Covid pandemic and sub-Saharan Africa particularly affected, report says

The Guardian - UK

Citing trade wars, the World Bank sharply downgrades forecast for global economic growth to 2.3%

President Donald Trump’s trade wars are expected to slash economic growth this year in the United States and around the world, the World Bank forecast Tuesday

The Independent UK

World Bank says the global is economy is growing steadily, but not fast enough to help ease poverty

The world economy is growing steadily in the face of global conflict, protectionist trade policies and high interest rates

The Independent UK

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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 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.

International Business Times

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 Guardian - UK

Sobering assessment: On the IMF forecast, World Bank report

Given that the world needs to tap every reserve of economic potential to achieve universal peace and prosperity, it can ill afford to turn its back on a quarter of its people

The Hindu

World Bank official calls for shake-up of G20 debt relief scheme

Chief economist says common framework has failed to provide any new money to world’s poorest countries since it was set up in 2020

The Guardian - UK

Risk of financial ‘wasted decade’ for poor countries, World Bank warns

Global economy set to slow for third year in 2024, with poor countries especially hard hit, body says

The Guardian - UK

World Bank warns record debt levels could put developing countries in crisis

High interest rates siphoning money away from spending on health, education and tackling climate crisis

The Guardian - UK

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The Independent UK

Oil prices could reach 'uncharted waters' if the Israel-Hamas war escalates, the World Bank says

The World Bank says oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas intensifies

The Guardian - UK

Poorest countries are biggest losers from economic shocks, says World Bank

Combined impact of Covid crisis, Ukraine war and tough measures by central banks taking heavy toll

Fortune

Global economy is skidding towards a 'lost decade,' World Bank warns

The past 30 years of economic growth and development could be reversed this decade if governments don't act.

Reuters

Zambia visits by Yellen, IMF reflect concern over stalled debt talks, China

Two of the world's most powerful finance officials are visiting Zambia this week, a reflection of the growing concern shared by Western officials about how China and other creditors are handling the African country's debt.

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The Guardian - UK

World’s poorest countries’ debt interest payments rise 35%, report says

Report’s author, the World Bank, states concern over poor countries’ increasing spending on debt

Al Jazeera

Goal of ending extreme poverty by 2030 out of reach, report says

Effects of COVID and Ukraine war make it unlikely for eradicating extreme poverty by decade’s end, World Bank says.

Bangkok Post

Biggest energy shock since 1970s: World Bank

Energy prices have surged since the Russian invasion of Ukraine and, along with other commodities, are likely to remain at "historically high" levels through 2024, endangering economic growth, the World Bank warned Tuesday.

Bangkok Post

Ukraine war's spillover swamps poor countries still reeling from Covid-19

Over the past 120 years, a Beirut bakery has survived civil war, Lebanon's financial crisis and the Covid-19 pandemic. Fighting in Ukraine, disrupting food and energy supplies world-wide, may soon put it out of business.

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