The World Bank
Recent News About The World Bank
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World Bank Group Introduces Resilience Rating System to Enhance Climate Resilience
The World Bank Group has introduced a Resilience Rating System (RRS) to enhance climate resilience in projects, offering guidance and criteria for assessing resilience along two dimensions of project design.The RRS, as described by the World Bank Group, is unique in its approach to evaluating resilience. It focuses on assessing the confidence that expected investment outcomes will be achieved despite climate and disaster risks, as well as the project's contribution to the resilience of beneficiaries and communities. Projects are rated on a scale from A+ to C for each...
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Global Commodity Prices Level Off, Hurting Prospects for Lower Inflation
Global commodity prices are leveling off after a steep descent that played a decisive role in whittling down overall inflation last year, which could make it harder for central banks to cut interest rates quickly, according to the World Bank’s latest Commodity Markets Outlook. The report also finds that a major outbreak of conflict in the Middle East could halt the inflationary decline that has occurred over the past two years."Global inflation remains undefeated," said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President. "A key force for...
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Bending Bamboo Shoots: Strengthening Foundational Skills
On April 25, 2024, a report was released focusing on the economic developments and outlook of Malaysia, as well as the efforts in strengthening foundational skills within the country. The report highlighted key findings and recommendations for the future.In terms of economic developments, Malaysia is projected to experience a higher growth rate of 4.3 percent in 2024, following weaker-than-expected growth outcomes in the previous year. The report emphasized that domestic demand will continue to be the main growth driver, supported by a partial recovery of global demand...
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Improving Early Education Essential to Improve Skills in Malaysia, Support Long-term Growth, World Bank Report Says
KUALA LUMPUR, April 25, 2024— Malaysia's long-term growth prospects hinge on enhancing its human capital through improving learning outcomes for children, as highlighted in the World Bank Malaysia Economic Monitor report titled “Bending Bamboo Shoots: Strengthening Foundational Skills” released today.According to Malaysia's Minister of the Economy Mohd Rafizi Ramli, addressing the dual challenge of economic growth and ensuring public well-being requires a focus on education as a pathway to productive employment. Minister Ramli emphasized, "In the long run, it's about...
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Reforms and relief: How Somalia turned a page amid a global debt crisis
On April 24, 2024, it was reported that Somalia has made significant strides in implementing reforms with the backing of the international community. Despite facing obstacles from both domestic and external factors, the country has been able to rebuild its economy and state institutions.One of the key factors in Somalia's progress has been the support it has received from the international community. As stated in a report, "With support from the international community, Somalia has successfully implemented wide-ranging reforms aimed at rebuilding its economy and state...
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Viet Nam’s Economy Poised for Gradual Recovery, World Bank Report Finds
Ha Noi, April 23, 2024—Viet Nam's economy is showing signs of recovery, with growth expected to reach 5.5% in 2024 and gradually rise to 6.0% by 2025, as stated in the latest World Bank Taking Stock bi-annual economic update released today.The report highlights that while exports are recovering, consumption and private domestic investment are growing more gradually. Real exports are expected to increase by 3.5% in 2024, reflecting an improvement in global demand. Furthermore, a turnaround in the real estate sector is anticipated, which will boost domestic demand as...
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Human Capital Ministerial Conclave Focuses on Digital Technology and AI
At the recent Human Capital Ministerial Conclave, esteemed speakers and ministers gathered to discuss the potential of digital technology and artificial intelligence in shaping the future of human capital development. The event, held during the Spring Meetings, emphasized the role of technology in enhancing how countries build, utilize, and safeguard their human resources.One of the key points raised during the Conclave was the importance of foundational infrastructure and skills in preparing individuals for the opportunities presented by the digital economy. Axel van...
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Supporting the People of Afghanistan
Amid ongoing challenges in Afghanistan, the Afghanistan Resilience Trust Fund (ARTF) has been instrumental in providing essential services to the people of Afghanistan. According to the ARTF, projects funded by the organization are delivering crucial support to the Afghan population, including food, livelihoods, health, water, and education services.These projects are being carried out independently of the interim Taliban administration's control, with implementation overseen by United Nations agencies and non-governmental organizations. The coordination of activities...
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Assessment of Gender-Specific Challenges to Cross-Border Trade in Jordan
Amidst the global push for increased international trade to alleviate poverty and enhance economic opportunities, a recent study has shed light on the gender-specific challenges faced by women in cross-border trade in Jordan. The research, conducted by the World Bank, aimed to identify barriers encountered by women-led businesses engaging in trade activities in the country.According to the study, men predominantly dominate cross-border trade in merchandise goods in Jordan. Despite this, the primary hurdles faced by women-led businesses were not directly linked to official...
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Replicable Mass Transit Systems Reduce Emissions and Connect People to Opportunities in Latin American Cities
Apr 23 2024World Bank projects have resulted in reduced greenhouse gas (GHG) emissions and commuting times, with examples such as the upgrading and greening of Rio de Janeiro's Urban Rail System reducing transport-related GHG emissions by 89 percent compared to the counterfactual. São Paulo's Metro Line 5 is estimated to save 2,960,000 tCO2eq over its economic lifetime. Investments in Bus Rapid Transit (BRT) in Buenos Aires reduced travel times for BRT users by 53 percent between 2016 and 2019.The World Bank's focus on promoting inclusion of the poor is evident in...
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Keeping Communities Connected in Small Island Developing States
The World Bank has been actively involved in enhancing connectivity and resilience in Small Island Developing States (SIDS) through various projects and initiatives. As of 2023, 3 million people in 20 SIDS are already benefiting from improved transportation services, with ongoing efforts set to extend these benefits to an additional 5 million individuals in the coming years.In Samoa, for example, the entire population has witnessed enhanced access to transport services thanks to World Bank-supported projects implemented between 2013 and 2022. Similarly, in Haiti,...
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Scaling Up Co-Financing for Greater Development Impact
In response to the growing challenges posed by overlapping global crises, a new initiative has been launched to enhance collaboration among development partners and maximize the impact of funding for global development. Akihiko Nishio, World Bank Vice President for Development Finance, emphasized the importance of concerted efforts in addressing these complex issues, stating, "The global financing landscape is becoming more challenging, and it has become clear that tackling the world’s polycrisis requires the concerted effort of the global community."The Global...
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IDA—A Crucial Player in the Evolving Global Aid Landscape
Apr 23 2024The International Development Association (IDA) has been highlighted as a crucial player in the evolving global aid landscape. A recently launched report titled "Financing the Future: IDA’s Role in the Evolving Global Aid Architecture" emphasizes the significance of IDA's role in providing support to the 1.3 billion people residing in the world's poorest nations.The report sheds light on the complexities of the relationship between donors and recipient countries in the face of escalating challenges such as climate change, conflict, and pandemics. Despite...
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Access to Safe Drinking Water Transforms Lives in Conakry
Residents of Sig Madina in Conakry, Guinea, have seen a significant improvement in their daily lives thanks to access to safe drinking water. Makalé Cissé, a mother of five, used to struggle to meet her family's water needs, often walking long distances to fetch water of questionable quality. Reflecting on the past challenges, Makalé stated, "Not only was it a long way to go, but the quality of the water wasn’t even good enough. My children would often get sick; plus, having to go and fetch water affected my daughter’s performance at school."However, with the...