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The Latest Breaking News from World Bank

Even as Thailand continues on its path to economic recovery in the fourth quarter, buoyed by tourism and domestic consumption, businesses are still unnerved by pressing challenges, including high inflation, a weaker baht, surging energy prices and flooding, which could hamper the rebound.

Bangkok Post

Ukraine seeks to rebuild economy with defiant small businesses

Victoriia Maslova abandoned her herbal cosmetics factory in the Ukrainian town of Bucha on the first day of Russia's invasion of the country, fleeing to Poland with her mother and three younger brothers when rockets began hitting a nearby airport.

Reuters

Morning Digest | India objects to U.S. envoy’s PoK visit; EC seeks Uddhav’s response on Shiv Sena symbol dispute, and more

A select list of stories to read before you start your day

The Hindu

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World Bank chief says will keep 'intense' focus on addressing climate change

World Bank President David Malpass said on Friday that he was keeping an "intense" focus on the bank's efforts to address climate change and was embracing the U.S. Treasury's call to dramatically boost lending capacity to address this and other global problems.

Reuters

Slow lane driving: On the World Bank’s dire growth forecast for India

The World Bank has warned India’s uneven recovery could soon falter

The Hindu

India can lead G20 on education, climate and debt sustainability: World Bank President

World Bank President David Malpass points to India’s involvement in restructuring debts in Sri Lanka and it being a major creditor to African nations; calls the country a leader in education

The Hindu

World Bank has downgraded Indian economy but PM is still resorting to empty slogans, alleges Congress

Ms. Shrinate said rupee has hit a historic low.

The Hindu

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Andhra Pradesh: Potharaju canal causes misery again as rainwater floods colonies in Ongole

Modernisation of the canal up to a width of 120 feet at a cost of ₹80 crore, though proposed in 2015, has been going on at a snail’s pace

The Hindu

Imran Khan: ‘This government will push Pakistan to the brink’

Ex-PM attacks the government over its handling of the flood-ravaged economy and once again calls for swift elections.

Al Jazeera

2 Beaten-Down Nasdaq Stocks to Avoid

The NASDAQ Composite has been facing significant turmoil due to successive rate hikes. As recessionary fears loom over the economy, beaten-down stocks DraftKings (DKNG) and Affirm Holdings (AFRM) might be best avoided until further notice. Read more….

StockNews.com

World Bank pares India FY23 growth projection to 6.5%

The Indian economy’s expansion is expected to speed up to 7% in the next fiscal year, before settling back down to 6.1% in FY24-25

The Hindu

World Bank downgrades India's economic growth forecast to 6.5% for FY23

WASHINGTON: The World Bank on Thursday projected a growth rate of 6.5 per cent for the Indian economy for the fiscal year 2022-23, a drop of one per cent from its previous June 2022 projections, citing deteriorating international environment.

The Times of India

World Bank ‘has given nearly $15bn to fossil fuel projects since Paris deal’

A group of 50 NGOs found that bank and subsidiaries had funded oil refinery and gas processing

The Guardian - UK

Western Brands Divided Over 'Made in Myanmar' After Coup

Western retailers are increasingly divided over whether to buy clothes made in Myanmar, a country that had emerged as one of the world's fastest-growing garment exporters before the military staged a coup last year.

Bangkok Post

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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.

Reuters

World Bank says goal of ending extreme poverty by 2030 unlikely to be met

The Hindu

India's support to poor during COVID-19 remarkable, says World Bank president

Other nations should adopt the Indian move of targeted cash transfer instead of broad subsidies, says World Bank President David Malpass

Bangkok Post

Economists urge caution for gloomy 2023

Thailand needs to prepare for global economic difficulties as they will intensify next year, according to economists.

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The Guardian - UK

Ukrainian economy will shrink at rate eight times that of Russia, World Bank forecasts

Kyiv economy will contract by 35% in 2022, compared with a 4.5% fall in Russian GDP

Reuters

Head of EU's lending signals joint action plan for COP and giant Ukraine fund

The head of the European Union's powerful lending arm has urged leaders not to backslide on climate targets amid the energy crisis and signalled a joint action plan from the world's top development banks at next month's COP 27 summit and on Ukraine.

The Independent UK

World Bank: Ukraine's war-torn economy will sink 35% in '22

Devastated by Russia’s invasion eight months ago, the Ukrainian economy will plunge 35% this year

The Guardian - UK

Cop27 host Egypt warns UK not to backtrack from climate agenda

Unusual diplomatic intervention prompted by fears over Liz Truss’s commitment to net zero

The Hindu

Four decades on, World Bank funded beneficiaries in city slums yet to get sale deeds

A report released by IRCDUC observes the key issue in the issuance of sale deeds is the non-transfer of land to TNUHDB by other departments

The Guardian - UK

World Bank criticised over climate crisis spending

Oxfam research suggests up to 40% of bank’s reported climate-related spending cannot be accounted for

The Guardian - UK

High interest rates paid by poorer nations spark fears of global debt crisis

Campaigners say low-income countries urgently need debt relief on foreign borrowings as their interest rates soar

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