Following a strong rebound in 2021, the global economy is entering a pronounced slowdown amid fresh threats from COVID-19 variants and a rise in inflation, debt, and income inequality that could endanger the recovery in emerging and developing economies, according to the World Bank’s latest Global Economic Prospects report. Global growth is expected to decelerate markedly from 5.5% in 2021 to 4.1% in 2022 and 3.2% in 2023 as pent-up demand dissipates and as fiscal and monetary support is unwound across the world.
The World Bank on Wednesday approved an International Development Association credit in the amount of US$3.5 million and an International Bank for Reconstruction and Development loan in the amount of US$ 3.5 million for the Renewable Energy and Improved Utility Performance Project (REIUP) for Cabo Verde in Western Africa.
Anna Wellenstein, Director of the World Bank's Latin America and the Caribbean, Sustainable Development Group, has said Uruguay was an example of turning its productions towards a market that will seek environmental guidelines met.
The heads of the International Monetary Fund, World Bank Group, World Health Organization and World Trade Organization held on Tuesday the 2nd High-Level Consultations with the CEOs of leading COVID-19 vaccine manufacturing companies.
Latin America's Development Bank CAF and the World Bank’s Latin America and the Caribbean Region have pledged at COP-26 to join efforts to implement climate action strategies throughout, Latin America and Caribbean (LAC) countries, it was announced Friday.
Governments around the world responded to the COVID-19 pandemic with massive fiscal, monetary, and financial stimulus packages. While these measures were aimed at addressing the health emergency, cushioning the impact of the pandemic on the poor and vulnerable and putting countries on a path to recovery, the resulting debt burden of the world’s low-income countries rose 12% to a record US$860 billion in 2020, according to a new World Bank report.
The IMF Executive Board on Monday concluded its review of the matter raised by WilmerHale’s investigation of the World Bank’s Doing Business 2018 report.
IMF Managing Director Kristalina Georgieva has stated she disagrees fundamentally with the findings and interpretations of an investigation of alleged irregularities she committed when she held a senior role at the World Bank.
Ecuador and the International Monetary Fund, IMF, finally reached a technical agreement involving 6 billion US dollars, according to the country's economy minister Simon Cueva. The accord must still be approved by the IMF governing board but will unblock “international funds”, which have been frozen for months.
A local subsidiary of China's Ganfeng Lithium has purchased a 23-hectare property in the General Güemes Industrial Park in the northwestern Argentine province of Salta, it was announced.