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The Latest Breaking News from the World Bank

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

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

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

The Guardian - UK

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…

France 24

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.

International Business Times

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

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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

The Independent UK

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.

Al Jazeera

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.

International Business Times UK

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.

The Conversation

Fossil fuels influence and other takeaways from Monday's climate conference events

The influence of fossil fuels was a focal point Monday at the United Nations annual climate conference known as COP28

The Independent UK

World Bank accused of ‘turning blind eye’ to sexual abuse in Kenyan schools it funded

Calls grow for independent inquiry after the bank’s internal watchdog found 21 cases of child sexual abuse by teaching staff

The Guardian - UK

African countries lost control to foreign mining companies – the 3 steps that allowed this to happen

Within a few years of independence, African governments asserted sovereignty over their metal and mineral resources. Prior to this, the resources were exploited by European mining corporations. Since the 1990s, transnational corporations have once again become the dominant force as owners and managers of major mining projects.

The Conversation

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The Guardian - UK

‘My friends were amazed’: Nigerian women break ‘male’ jobs barrier amid cost-of-living crisis

Many women are fighting prejudice to take up better-paid work to make ends meet, from driving a taxi or rickshaw to barbering

The Hindu

World Bank recalls paper on decline in toilet usage in India

The paper titled “Progress on Sanitation in Rural India: Reconciling Diverse Evidence”, was published in September this year.

The Hindu

Finding funds: On COP28 and the ‘loss and damage’ fund

In ensuring climate justice, the loss and damage fund’s contents need to be easily accessible to those who need it most without bureaucratic hurdles, and in sufficient quantities

International Business Times

World Bank To Operate 'Loss And Damage' Climate Fund

The World Bank will "operate" an ambitious new climate change fund, but donors and recipients will likely control how the money is actually spent, the head of the development lender said Friday.

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France 24

McDonald's reworks classic burger with 50 tweaks

It's been seven years in the making, but McDonald's is now rolling out 50 tweaks to its classic hamburger in the US. The global food chain hopes to make its signature product taste better and less dry. Also in this business update, the World Bank increases its climate pledges at…

International Business Times

Inflation, Unemployment Weigh On DR Congo Leader's Economic Gains

President Felix Tshisekedi, who once vowed to transform DR Congo into "the Germany of Africa", has promised to create jobs if he is re-elected, after a first term marked by economic growth but soaring inflation.

The Guardian - UK

Why loss and damage funds are key to climate justice for developing countries at Cop28

Nations contributing least to greenhouse gas emissions are least equipped to deal with climate-related destruction

The Conversation

COP28: oil pushers scrape the barrel as critical climate talks begin in Dubai

Days before the latest climate summit is due to begin in Dubai, the first flight powered entirely by “sustainable aviation fuel” landed safely in New York.

Radio France Internationale

Feud over 'loss and damages' fund risks derailing climate talks

Despite the so-called “breakthroughs” made ahead of this week’s Cop28 talks, ongoing disputes over a Loss and Damages Fund for poor countries battling climate disasters will prevent the financing tool from ever being workable, critics warn.

Evening Standard

What is gas flaring? Toxic air affects millions in the Middle East

Flaring is a waste of a precious natural resource that could be conserved or put to better use, such as producing electricity

WEKU

Climate funding is in short supply. So some want to rework the financial system

Efforts to boost climate financing have moved beyond national pledges. Now the focus is on overhauling organizations like the World Bank and providing countries debt relief.

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