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The Latest Breaking News from World Bank

Quarter of a billion people now face extreme poverty, warns Oxfam

Charity calls for debt cancellations for poorest countries to counter ‘worst collapse into poverty in memory;

The Guardian - UK

Russia's war to shrink Ukraine economy 45%, World Bank says

The World Bank says Ukraine’s economy will shrink by 45.1% this year because of Russia’s invasion, which has shut down half of the country’s businesses, choked off imports and exports, and damaged a vast amount of critical infrastructure

The Independent UK

World Bank reveals damage to Russian GDP from sanctions and says Ukraine economy to be slashed by half

Russia’s economy has already plunged into ‘deep recession’, World Bank says

The Independent UK

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Challenges for Asean

Over two years after the coronavirus emerged, countries across Asia are slowly beginning to recover. In Southeast Asia, economic growth is projected to pick up to 5.1% this year, from 3.2% in 2021. With 400 million people, or 59% of the population, fully vaccinated, many economies are well on the…

Bangkok Post

Russia-Ukraine latest updates: France expels six Russian agents

Russia-Ukraine war news from April 11: France declares Russian agents posing as diplomats as persona non grata.

Al Jazeera

Ukraine economy to shrink by almost half this year, World Bank forecasts

Bank says many surrounding countries will suffer severe hardship as result of invasion, with Russia predicted to fall into recession

The Guardian - UK

India’s role in a disordered world

New Delhi can play an important role in shaping a new, more democratic, world order

The Hindu

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India’s learning poverty has shot up, says World Bank official

Post-COVID learning for children should be accelerated, says World Bank’s Global Director for Education Jaime Saavedra.

The Hindu

New Lebanese Parliament Will Act on IMF Deal, PM Adviser Says

A set of reforms the IMF wants Lebanon to enact before approving a funding deal for the country will largely be left for a new parliament to study, an adviser to the prime minister said on Friday, suggesting little may be done before a May 15 national election. The IMF…

Asharq Al-Awsat

Sri Lanka doubles interest rates to tame inflation; stabilise economy

Sri Lanka's central bank doubled its key interest rates on Friday, raising each by an unprecedented 700 basis points to tame inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis.

Reuters

International Crisis Group Urges Tunisian President to Launch 'Inclusive Dialogue'

The International Crisis Group has called on Tunisian President Kais Saied to launch an “inclusive” national political dialogue to reduce polarization and prevent the country from sliding into a severe socio-economic crisis. In a report published on its website, the Brussels-based organization urged the President to launch a national dialogue…

Asharq Al-Awsat

Cairo Cooperates with World Bank to Prepare for COP27

Egyptian ministers held talks with World Bank officials on Wednesday to discuss cooperation mechanisms between the two sides as Cairo prepares for the COP27 Climate Summit, which will be held in Sharm el-Sheikh in late 2022. In this regard, Minister of Environment Dr. Yasmin Fouad met with World Bank Managing…

Asharq Al-Awsat

Global report tackling ageing cities launched from Newcastle

Newcastle's National Innovation Centre for Ageing partnered with The World Bank to launch research that instructs city leaders how to prepare for ageing populations

Birmingham Post

Yellen faces bipartisan pressure to toughen Russia sanctions

WASHINGTON — Treasury Secretary Janet Yellen was pushed by legislators from both sides of the aisle Wednesday to strengthen moves to cut off financial links with Russia, and was queried on the Biden administration’s readiness to impose sanctions on China in the event it moved aggressively toward Taiwan.

Tribune News Service

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Bangkok Post

Growth outlook darkens

Thailand's economy is expected to grow by 2.9% this year, down from a previous prediction of 3.9%, the World Bank said on Tuesday.

The Independent UK

Ukraine invasion will lower economic growth in Asia and Pacific, World Bank warns

The expected growth for the region is likely to expand 5.0 per cent

The Conversation

Put women at the heart of global economic recovery: that's Indonesia's task at the 2022 G20 summit

Studies have shown that closing the gender gap has positive impacts on the welfare of society. Research by Women World Banking in 2021 illustrates how economic welfare not only depends on income and infrastructure, but also gender equality.

Asharq Al-Awsat

The Extraordinary Challenge of Rebuilding Lebanon’s Healthcare System

For the past two years, the health care system in Lebanon that was once known as The “Hospital of the Middle East,” has become a shadow of its former self. Historically, Lebanon has been the hub of academic medical centers and the leading destination for medical tourism in the Middle…

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The Guardian - UK

Ukraine war to slow growth and drive up poverty in Asia, World Bank warns

Conflict adds strain to developing economies in east Asia and Pacific already struggling with Covid and inflation

Al Jazeera

World Bank cuts Asia’s 2022 growth outlook on Ukraine war

Washington-based lender forecasts five percent growth for the region this year, down from 5.4 percent in October.

The Hindu

World Bank projects war shocks to drag on Asian economies

Russia’s invasion of Ukraine has driven up prices for oil, gas and other commodities, eating into household purchasing power and burdening businesses and governments that already are contending with high debt due to the pandemic

Bangkok Post

World Bank cuts Thai growth outlook to 2.9% this year

Thailand's economy is expected to grow 2.9% this year, down from a prediction of 3.9% seen in December, the World Bank said on Tuesday.

The Independent UK

World Bank says war shocks to drag on Asian economies

A report by the World Bank says disruptions to supplies of commodities, financial strains and higher prices are among the shocks from the war in Ukraine that will slow economies in Asia in coming months

Reuters

NEWSMAKER-Unheralded Costa Rican economist's unlikely path to presidency

Rodrigo Chaves was an unheralded economist in his native Costa Rica until a series of personal setbacks propelled him into a brief, ill-fated spell in government, then into the race for the presidency, which he won on Sunday.

Reuters

Costa Rican maverick Chaves makes pitch to opposition after presidency win

Economist Rodrigo Chaves extended a hand to the opposition upon winning the Costa Rican presidency on Sunday after a bruising election campaign in which the former World Bank official vowed to break with traditional politics.

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