The World Bank
Recent News About The World Bank
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World Bank reports progress on poverty reduction efforts in Tonga
The World Bank has released the Tonga Poverty and Equity Assessment, a report that examines poverty and inequality trends in Tonga from 2015 to 2021. The assessment, based on Household Income and Expenditure Surveys, provides insights into monetary poverty changes and offers future recommendations.
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IDA supports low-income countries' investments in sustainable nature management
For many low-income countries, nature offers a pathway out of poverty. Nature-based sectors such as forestry, fisheries, and ecotourism have the potential to create jobs, boost economies, and increase resilience to climate change if managed sustainably. However, these countries are also at risk from the current unprecedented loss of nature. Losing just a few key ecosystem services could result in a 10 percent GDP loss annually by 2030 for these nations. Recent development gains in many low-income countries are being undermined by nature degradation, pollution, and climate...
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World Bank projects moderate economic growth acceleration in Western Balkans through 2025
Economic growth in the Western Balkans is anticipated to moderately accelerate through 2025, as per the latest report by the World Bank. The report suggests that increased consumption and investment, along with enhanced purchasing power, are key factors driving this growth.
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World Bank highlights need for educational reform amid slowing economic growth
Economic growth in the developing economies of Europe and Central Asia is stabilizing after recent crises, according to the World Bank's Economic Update for the region. The report, released today, indicates that regional growth is expected to moderate to 3.3% this year from 3.5% in 2023, with a further slowdown to 2.6% anticipated in 2025.
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Jordan expands national aid fund program amid rising needs
In the Middle East and North Africa, Jordan's National Aid Fund (NAF) Cash Transfer Program is seen as an effective initiative for improving lives and opportunities. Supported by the World Bank and other partners, it has expanded its reach and impact. The program is recognized for its innovation and collaborative efforts.
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World Bank urges continuation of Nigerian economic reforms amid challenges
Since May 2023, Nigeria has undertaken substantial economic reforms aimed at stabilizing its economy. These efforts have led to modest growth, improved fiscal health, and increased foreign exchange reserves. However, the reforms have also brought short-term challenges for households and businesses. The World Bank's Nigeria Development Update Report, titled "Staying the Course: Progress Amid Pressing Challenges," emphasizes the importance of maintaining these policies while addressing structural issues to combat inflation and promote long-term investment, growth, and job...
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Middle East and North Africa face economic challenges amid conflicts
World Bank economists project a 2.2% growth rate for the Middle East and North Africa (MENA) region in 2024, according to the latest MENA Economic Update. This slight increase from the previous year conceals significant differences between high-income oil exporters and other developing economies within the region. The report highlights that real GDP growth forecasts have been notably reduced due to ongoing regional uncertainties, including conflict in Gaza and potential escalations in neighboring areas.
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World Bank report highlights gender pay gap issues facing Armenian women
Less than half of working-age women in Armenia are part of the labor force, primarily due to caregiving responsibilities for children and disabled family members. Those who do work earn, on average, 25 to 30 percent less than their male counterparts performing the same tasks. This is according to a new report released by the World Bank.
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World Bank forecasts modest economic growth for MENA amid regional conflicts
Growth in the Middle East and North Africa (MENA) remains modest due to regional conflicts, according to the World Bank's latest MENA Economic Update titled "Growth in the Middle East and North Africa." The report predicts a slight increase in the region’s overall GDP growth from 1.8 percent in 2023 to 2.2 percent in 2024, driven by Gulf Cooperation Council (GCC) countries, where growth is expected to rise from 0.5 percent to 1.9 percent.
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World Bank introduces new partnership framework focusing on Cambodia's development
The World Bank Group has introduced a new Country Partnership Framework (CPF) for Cambodia, set to guide efforts from 2025 to 2029. This initiative aims to tackle three interconnected objectives: enhancing health and basic education, boosting competitiveness, and reinforcing the resilience of vulnerable households.
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World Bank issues £700M sustainable development bond maturing in October 2034
The World Bank has successfully issued a 10-year sterling-denominated Sustainable Development Bond, raising GBP 700 million from global investors. The bond is set to mature in October 2034 and offers an annual coupon of 4.25% with an annual yield of 4.321%. It was priced at +11.3 basis points over the UK Gilt due September 2034.
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World Bank calls for increased investment as Pacific growth slows
The World Bank has released its latest Pacific Economic Update, urging a significant increase in investment to counteract the region's slowing economic growth. The report, titled "Diminishing Growth amid Global Uncertainty: Ramping Up Investment in the Pacific," emphasizes the necessity for targeted investments to generate jobs, enhance infrastructure, and build resilience against climate change amidst global uncertainties. These measures are seen as vital for improving the livelihoods of Pacific communities and reducing the income disparity with wealthier nations.
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World Bank supports Malawi with new emergency response project
The Malawi Contingent Emergency Response Project (CERP) is an initiative under the World Bank's Investment Project Financing (IPF). It allows for emergency response expenditures to be financed using funds repurposed through the Rapid Response Option (RRO). The CERP is part of the World Bank’s Crisis Preparedness and Response Toolkit (CPRT), providing the Government of Malawi with rapid access to financing during eligible crises or emergencies.
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World Bank urges reforms as Bangladesh faces economic challenges post-COVID
Bangladesh is facing a complex economic recovery in the wake of the COVID-19 pandemic, according to a recent report by the World Bank. The Bangladesh Development Update highlights that the country is grappling with high inflation, a balance of payments deficit, and limited job opportunities for its youth, particularly affecting women and educated individuals.
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Regional forum concludes five-year disaster preparedness program in Central Asia
The "Strengthening Financial Resilience and Accelerating Risk Reduction in Central Asia" program, funded by the European Union and implemented by the Global Facility for Disaster Reduction and Recovery (GFDRR) and the World Bank, held its final regional forum in Almaty on October 14-15, 2024. The event marked the conclusion of a five-year initiative aimed at enhancing resilience to climate change and natural hazards across Central Asia. The forum was organized with UNICEF's collaboration and supported by the Almaty-based Centre for Emergency Situations and Disaster Risk...
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World Bank warns: Global poverty reduction could take over a century
The World Bank's recent report, "Poverty, Prosperity, and Planet," highlights the slow progress in reducing global poverty. It reveals that at the current pace, it may take over a century to lift nearly half of the world's population above the $6.85 daily poverty threshold. The report marks the first comprehensive post-pandemic evaluation of efforts to eradicate poverty and promote shared prosperity on a sustainable planet.
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World Bank boosts lending capacity with new financial measures
The World Bank Group has unveiled a series of financial measures aimed at enhancing its lending capacity and making loans from the International Bank for Reconstruction and Development (IBRD) more accessible. These steps are expected to enable over $150 billion in additional financing over the next decade.
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World Bank supports Lima's urban mobility transformation with $150 million loan
The World Bank has approved the first phase of a decade-long program aimed at transforming urban mobility in Lima. This initial phase involves a $150 million loan to implement modern traffic systems, including upgraded traffic lights, an advanced control center, and an automated system for detecting traffic violations. These improvements are intended to enhance road safety for pedestrians and cyclists and improve public transport flow at over 50 intersections.
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Gabon focuses on sustainable forestry amid economic challenges
Between 2022 and 2023, Gabon's economic growth declined from 3.0% to 2.4%. The country's oil and agricultural sectors remained robust, but global demand fluctuations, increased fuel costs, and weather-induced railway damages adversely impacted wood and manganese production. Although the trade surplus was substantial in 2023, it was influenced by declining oil prices and weaker performance in wood and manganese exports.
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World Bank suggests policy changes for sustainable forestry in Gabon
Released by the World Bank, the Gabon Economic Update 2024 outlines fiscal policy reforms aimed at optimizing fiscal revenues while advancing the green growth potential of Gabon's wood industry. The report, titled "Designing Fiscal Policies for Sustainable Forestry," begins with an analysis of recent developments and outlook for Gabon’s economy. It then explores how fiscal instruments can foster sustainable forest management and economic growth.