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The Latest Breaking News from the World Bank

China's capitalist reforms are said to have moved 800 million out of extreme poverty – new data suggests the opposite

It has become an article of faith among many economists that China’s pro-market reforms of the 1980s and 1990s ushered in a sustained reduction in poverty.

The Conversation

Bhutan To Vote As Economic Strife Hits 'National Happiness'

The picturesque Himalayan kingdom of Bhutan holds general elections on Tuesday with serious economic challenges calling into question its longstanding policy of prioritising "Gross National Happiness" over growth.

International Business Times

The world economy is in crisis again. If we look back 80 years, we might be able to fix it

The historic Bretton Woods summit shaped a golden era of growth. This year’s G20 could be our equivalent, says academic and economist Michael Jacobs

The Guardian - UK

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Private Sector Funding Key To Climate Transition, World Bank Chief Says

The World Bank is working to slash how long it takes to get financing projects off the ground as part of a push to speed up and scale up the 79-year-old development lender, its president told AFP on Wednesday.

International Business Times

How many more must suffer in DRC before the west stops enabling Tshisekedi?

Despite its vast mineral wealth, corruption keeps the Congolese poor – and western governments help the regime stay in power

The Guardian - UK

Leading GOPer boosts Uganda anti-gay law

Rep. Tim Walberg co-chairs the National Prayer Breakfast — and urged Uganda to "stand firm" on "death to gays" law

Salon

Nigeria Economic Crisis Dampens Christmas Spirit

Lining up, they receive some rice, dried beans and other basic foodstuffs, whose soaring prices have left millions in Nigeria facing a bleak Christmas.

International Business Times

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World Bank projects that Israel-Hamas war could push Lebanon back into recession

The World Bank says the ripple effects of the war in Gaza are likely to knock Lebanon’s fragile economy back into recession

The Independent UK

World Bank injects 0 million to fuel Pakistan's economic growth

World Bank's financial boost of 0 million to Pakistan's RISE-II operation heralds new opportunities and economic growth, fueling optimism for the nation...

Top News

Was the COP28 climate summit a milestone or a mirage? | Explained

COP28 provided a mixed bag of outcomes. The commitment to ramp up renewable energy targets is a significant step forward – whereas issues on L&D metrics, fund management and disbursal, market mechanisms, risky technologies, the room left for continued use of fossil fuels in many sectors, and natural gas as…

The Hindu

Philippines’ Marcos faces ‘greenwashing’ claims as climate spending soars

Climate activists say Manila’s massive spending on climate-related initiatives is poorly allocated.

Al Jazeera

World Bank Blog: Farewell to Great Inflation Fear?

Dive into a captivating exploration of the 'great inflation scare.' Bless adieu, perhaps, to what the World Bank blog has decoded about global economy infl...

Top News

Five major outcomes from the latest UN climate summit

The latest UN climate summit, COP28, was always going to be controversial. It was held in a state whose economy is heavily dependent on oil and gas – the United Arab Emirates. The summit president, Sultan Al Jaber, remains head of the Abu Dhabi National Oil Company and recently declared…

The Conversation

China's economy is forecast to slow sharply in 2024, the World Bank says, calling recovery 'fragile'

The World Bank is forecasting that China's economy will slow next year, with annual growth falling to 4.5% from 5.2% this year

The Independent UK

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Top News

World Bank Trims Thai Growth Forecast to 2.5% for 2021!

Storms brew in Thailand's financial horizon as the World Bank brandishes red flags, slashing growth predictions to a scanty 2.5% this year.

Top News

Developing Nations Service Record 3.5B Public Debts in 2022

Unfurling a global concern, developing nations shelled out a colossal 3.5 billion on public debt service in 2022, a daunting record tracked by World Bank.

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

War has left Gaza economy at almost total standstill, says World Bank

Washington-based development organisation providing $20m for citizens suffering ‘multidimensional poverty’

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France 24

How lending-based climate finance is pushing poor countries deeper into debt

After more than a decade of disappointment, the world’s wealthiest countries may have finally fulfilled their 2009 promise to mobilise $100 billion a year to help developing countries face the climate crisis. But the harsh truth is that developing nations are going to have to pay most of that money…

International Business Times

Palestinian Economy Severely Impacted By Israel-Hamas War: World Bank

The Israel-Hamas war in Gaza is having a severe impact on the Palestinian economy, according to the World Bank, which now estimates sharp economic contraction this year and next.

The Independent UK

Myanmar's economy is deteriorating as its civil conflict intensifies, World Bank report says

The World Bank says Myanmar’s economy is forecast to grow only 1% in the fiscal year that ends in March

The Independent UK

Poor countries need trillions of dollars to go green. A long-shot effort aims to generate the cash

A major, long-shot effort is gearing up to mobilize money to save Planet Earth by helping poorer countries go greener

Al Jazeera

For Myanmar’s generals, energy crisis threatens shaky grip on power

Min Aung Hlaing’s administration is facing energy shortages as it struggles to quell opposition to its rule.

International Business Times UK

World Bank Faces Accusations of 'Turning Blind Eye' to Sexual Abuse in Kenyan Schools

The World Bank's failure to act on early warnings and reports of sexual abuse has perpetuated a culture of impunity.

The Conversation

Don't applaud the climate summit's loss and damage fund deal just yet – it might not warrant that standing ovation

Shortly after the opening ceremony of the 2023 United Nations climate negotiations in Dubai, delegates of nations around the world rose in a standing ovation to celebrate a long-awaited agreement to launch a loss and damage fund to help vulnerable countries recover from climate-related disasters.

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