The World Bank slashed its global growth forecasts for this year in a report released on Tuesday that portrayed a world gripped by deepening trade conflict, tumbling confidence and increasingly skittish investment. Although the global development lender currently expects a modest recovery 2020 and 2021, the bank said in its semi-annual report that a lot will have to go right for this to happen.
Colombia will receive a US$ 31.5 million grant to help deal with the flood of refugees from neighbouring Venezuela, the World Bank announced on Friday Colombia has received about a third of 3.7 million refugees who have fled the worsening crisis in Venezuela in recent years - the most dramatic and fastest exodus in the world after war-torn Syria, according to the United Nations.
Widening differences over economic policy among Euro area countries are unsustainable and could undermine the currency union itself, French Finance Minister Bruno Le Maire said on Friday.There isn't enough solidarity in the Euro-zone, Le Maire told reporters on the sidelines of the International Monetary Fund and World Bank Spring meetings.
United States president Donald Trump is sending a clear message to the economic policymakers gathering in Washington for the IMF and World Bank's spring meetings: My trade wars aren't finished yet and a weakening global economy will just have to deal with it.
Newly-installed World Bank President David Malpass spent his first day at the global lender on Tuesday hammering home the message that the most urgent issue facing the bank is addressing global poverty. President Donald Trump's controversial pick to lead the bank appeared eager to distance himself from his past attacks on the institution and stressed the support he has received from developing nations and from staff.
Money transfers to poor and developing countries hit a fresh record in 2018 and should become their largest source of external financing this year, the World Bank said on Monday. But many banks and money transfer operators charged too much, cutting into the gains of migration, the bank said in a statement.
David Malpass has been chosen as the president of the World Bank Group (WBG) on Friday after being unanimously elected by the executive board of the organization with no other candidates.
The Trump administration has notified World Bank shareholders that President Donald Trump intends to pick senior Treasury Department official David Malpass as the U.S. nominee to lead the development lender, people familiar with the decision said on Monday.
The World Bank lowered its growth estimates for Brazil both in 2018 and this year. Last June the multilateral organization bi-annual report indicated that Latin America's largest economy would advance 2.4%, but it has now reduced that to 1.2%, one of the greatest falls for any country in the report.
The World Bank is warning of increasing risks, or what it calls “darkening skies”, for the world economy. In its annual assessment of global prospects the Bank predicts continued, though somewhat slower, growth this year and next.