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The Latest Breaking News from World Bank

Morning Digest | Al-Qaeda in Indian subcontinent threatens to attack India after Prophet controversy; World Bank cuts India’s economic growth forecast to 7.5% for FY23, and more

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

The Hindu

World Bank warns recession 'hard to avoid' and Ukraine war creating a 'perfect storm'

The World Bank is warning the war in Ukraine is combining with other risk factors to create a "perfect storm" and recession will be "hard to avoid".

ABC News

Janet Yellen says US inflation at 'unacceptable levels', ASX rises but banks make big losses on rate hikes

The US Treasury secretary says North America is facing unacceptable levels of inflation. Meanwhile, the ASX regains some ground lost in yesterday's super-sized interest-rate-rise-fuelled rout, but the banks see their worst day in a year. Australian dollar rises on the RBA's super-sized interest rate increase.

ABC News

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World Bank board approves $1.49 billion in new funds for Ukraine

The World Bank said on Tuesday its board of executive directors approved $1.49 billion of additional financing for Ukraine to help pay wages for government and social workers, expanding the bank's total pledged support for Kyiv to over $4 billion.

Reuters

Russia-Ukraine war: What happened today (June 7)

A roundup of key developments and the latest in-depth coverage of Russia's invasion of Ukraine.

WEKU

World Bank slashes India's FY23 GDP forecast to 7.5%

NEW DELHI: The World Bank revised India's economic growth forecast for financial year 2022-23 to 7.5 per cent on Tuesday.

The Times of India

World Bank dims outlook for global economy amid Russia war

The World Bank has sharply downgraded its outlook for the global economy, pointing to Russia’s war against Ukraine, the prospect of widespread food shortages and concerns about the potential return of “stagflation” — a toxic mix of high inflation and sluggish growth unseen for more than four decades

The Independent UK

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Return to the 70s: World Bank warns of weak growth and high inflation

Stagflation feared as global economy suffers fallout from Covid pandemic and Russian invasion of Ukraine

The Guardian - UK

London’s economic recovery shows ‘levelling up’ struggles; stagflation fears rise – as it happened

Rolling coverage of the latest economic and financial news

The Guardian - UK

How the West should engage China

The world order is at risk of a lasting split, with the United States and its allies on one side, and China and its partners on the other. As US Treasury Secretary Janet Yellen noted at an Atlantic Council event last month, this outcome is far from desirable, and the…

Bangkok Post

World Bank to spend $130 million on infrastructure in Solomon Islands

The World Bank plans to step up assistance to the Solomon Islands with $130 million in new funding for projects and assistance expected to be allocated to the country this month.

Reuters

‘Major Confrontation’ with Hezbollah Ahead in Lebanon, Says Geagea

The Lebanese Forces party will veto as prime minister anyone aligned with the armed Shiite Hezbollah party and stick to its boycott of government if a new consensus cabinet is formed, the party's leader said on Wednesday. Lebanon is in the throes of one of the world's worst economic meltdowns,…

Asharq Al-Awsat

Russia's Manufacturing Activity Moves Into Expansion Territory For First Time Since Ukraine Invasion

Russia's invasion of Ukraine proved determinantal to the smaller nation, with the World Bank estimating a 45% contraction in Ukraine's GDP in 2022. The aggressor also had to pay a price, as evidenced by a slowdown in growth.

Benzinga

Can Africa grow without fossil fuels?

As the developed world demands emissions cuts, the continent’s leaders are asking whether it is possible to industrialise on green energy alone

Financial Times

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Benzinga

Indian Government 'Fairly Ready' With Consultation Paper on Crypto

The Indian government is fairly ready with a consultation paper on cryptocurrencies, a top government official Monday said, adding that organizations like International Monetary Fund and the World Bank have been consulted.

The Times of India

India finalising consultation paper on crypto currencies: DEA secretary

NEW DELHI: The government will soon finalise a consultation paper on cryptocurrencies with inputs from various stakeholders and institutions, including the World Bank and the IMF, economic affairs secretary Ajay Seth said on Monday.

The Conversation

Ghana's debt: the pros and cons of borrowing abroad versus at home

A government which decides to borrow – either because it has programmed a budget deficit or needs to refinance maturing debts – faces two, non-mutually exclusive possibilities: borrow domestically in the local currency or borrow externally in a foreign currency.

Bangkok Post

Higher living costs slow local economy

Thailand's economic activity showed signs of slowing in the second quarter as a result of the higher cost of living, says World Bank Thailand.

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France 24

War in Ukraine risks triggering global recession, World Bank warns

Skyrocketing energy and food prices driven by Russia's invasion of Ukraine risk sending the global economy into a recession, according to the president of the World Bank. We take a look at how economic growth has already slowed in Germany. Also, stock markets try to break out of bear market…

Al Jazeera

China’s Pacific tour spurs hopes and fears in tiny island nations

Countries such as Vanuatu and Kiribati expected to seek Wang Yi’s support for development and infrastructure.

Wales Online

Global recession warning over war in Ukraine from head of World Bank

'Hard right now to see how we avoid a recession'

Al Jazeera

Ukraine-Russia latest updates: Moscow slams West for sanctions

Ukraine news from May 26: Moscow presses West to lift sanctions against Russia as it tries to shift food crisis blame.

Reuters

World Bank's IFC still disbursing funds in Ukraine despite war, chief says

The World Bank's investment arm has continued disbursing funds to some private firms in Ukraine despite the war there and is looking to finance efforts to re-orient the country toward "greening" its economy, the head of the unit said on Wednesday.

Reuters

G20 pandemic fund ploughs ahead amid fears world not ready for future threats

A multi-billion dollar fund set up by G20 countries to help developing countries better prepare for pandemics could be operational within months, according to the World Bank.

Bangkok Post

Cambodia, Laos to benefit as Pfizer slashes drug prices for poorest nations

Pfizer Inc plans to sell its entire portfolio of brand-name drugs at cost in as many as 45 lower-income countries, including Cambodia and Laos, one of the most comprehensive and ambitious drug-access programmes ever announced by a large pharmaceutical manufacturer.

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