News from June 2024
Burkina Faso's economy grows amid security crisis; inflation falls
By Globe Banner | Jun 27, 2024
The economy of Burkina Faso demonstrated resilience in 2023, with a growth rate of 3.2% despite ongoing security challenges. Inflation decreased to 0.7%, attributed to declining local product prices. This marked an improvement from the previous year’s sluggish economic performance, where GDP growth was at 1.8%. The successful agricultural season contributed to the downward trend in inflation, which turned negative from May to October 2023.
World Bank urges increased public health spending for sustainable growth
By Globe Banner | Jun 27, 2024
KAMPALA, June 27, 2024 — Economic activity in Uganda has remained resilient despite multiple successive shocks, with real gross domestic product (GDP) accelerating from 5.3% in FY22/23 to an estimated 6% in FY23/24, a new World Bank report notes. The expansion was driven by oil-related construction activity and the growth of the mining and quarrying sector, which benefited from sustained increases in gold prices and an improved domestic environment for artisanal mining.
WTO committee adopts key report on implementing Sanitary Phytosanitary Measures Agreement
By Globe Banner | Jun 26, 2024
The MC12 SPS Declaration instructed the SPS Committee to launch a Work Programme to identify challenges in the implementation of the SPS Agreement, the mechanisms available to address them, and the impact of emerging challenges on its application. The Committee established five thematic groups to undertake this work.
WTO’s aid initiative boosts global trade with $648B since inception
By Globe Banner | Jun 26, 2024
The WTO-led Aid for Trade initiative has contributed US$ 648 billion since 2006 to strengthen the export potential of developing economies and least-developed countries (LDCs). The impact of the initiative in improving these economies' capacity to trade is revealed in a new publication — “Aid for Trade at a Glance 2024” — launched by the WTO and the Organisation for Economic Co-operation and Development (OECD) on June 26.
WTO-World Bank unveil joint work programme on trade in services
By Globe Banner | Jun 26, 2024
The joint work programme aims to address the challenges developing economies face in unlocking the benefits of services trade and harnessing the sector's export potential.
World Bank reports deepening crises for Yemen's economy amid ongoing conflict
By Globe Banner | Jun 26, 2024
Yemen’s economy continues to face significant hurdles as ongoing conflict and regional tensions exacerbate the nation's economic and humanitarian crises, according to the World Bank’s latest Yemen Economic Monitor. Yemen's GDP is projected to contract by 1.0% in 2024, following a 2.0% contraction in 2023 and modest growth of 1.5% in 2022. Between 2015 and 2023, Yemen experienced a 54% decline in real GDP per capita, leaving the majority of Yemenis in poverty. Food insecurity affects half the population, and youth mortality rates have surged.
Zambia farmers adopt climate-smart practices boosting yields
By Globe Banner | Jun 26, 2024
In Zambia’s Eastern Province, Wilson Banda, a lead farmer, is teaching other farmers at a field school in Katete how planting shade trees can help nutrients in the soil and lead to better harvests.
Report underscores importance of fostering inclusive growth through Somalia's resilient private sector
By Globe Banner | Jun 26, 2024
NAIROBI, June 26, 2024 — Since Somalia’s private sector accounts for an estimated 95 percent of total jobs created, marshaling the private sector to support the country’s development is critical for reconstruction, transitioning from fragility, and generating more inclusive economic dividends for its people. The country also needs to focus on growth to avoid falling back into debt, create jobs, and enhance economic opportunities for citizens.
Federal Credit Union Act celebrates its 90th anniversary
By Globe Banner | Jun 26, 2024
The National Credit Union Administration (NCUA) commemorated the 90th anniversary of the Federal Credit Union Act of 1934, signed into law by President Franklin Delano Roosevelt, which authorized the formation of federally chartered credit unions in all states.
WTO emphasizes collaboration for growth of African cotton industry
By Globe Banner | Jun 26, 2024
DG Okonjo-Iweala commended the studies on cotton value chain development in the C4+ (Benin, Burkina Faso, Chad, Mali, and Côte d'Ivoire) conducted by the International Trade Centre (ITC), the United Nations Industrial Development Organization (UNIDO), and Gherzi Textile Organization. She thanked FIFA and the African Export-Import Bank (Afreximbank) for their sponsorship of the studies. “The studies demonstrate the WTO has a big role to play in continuing to bring this partnership together,” she said.
World Bank calls for increased investment in Tanzania's livestock sector amid climate challenges
By Globe Banner | Jun 26, 2024
DAR ES SALAAM, June 2024— Tanzania's livestock sector plays a crucial role in providing livelihoods for millions of citizens, with considerable potential to also play a leading role in regional production and trade. The country’s cattle population of 36.6 million is the second largest in Africa after Ethiopia, representing 1.4% of the global cattle population and 11% of the African cattle population. Tanzania also has a large number of sheep, goats, chickens, and pigs, ranking it among the top ten on the continent in terms of overall livestock amounts.
World Bank approves $95M package for resilience and growth in Fiji
By Globe Banner | Jun 26, 2024
A new package of World Bank support to Fiji, approved last week, will see a major boost for the country’s fiscal, climate, and disaster resilience, as well as efforts to support private sector development.
World Bank Group debars Ernst & Young LLP Kenya over sanctionable practices
By Globe Banner | Jun 26, 2024
The World Bank Group (WBG) announced the 30-month debarment of Kenya-based Ernst & Young LLP (EY Kenya), which provides services including assurance, tax, consulting, advisory, and information technology. The debarment is linked to sanctionable practices within the Somali Core Economic Institutions and Opportunities Program (SCORE) and the Second Public Financial Management Capacity Strengthening Project (PFM II) in Somalia.
World Bank reports slowed remittance growth for LMICs in 2023
By Globe Banner | Jun 26, 2024
After a period of strong growth during 2021-2022, officially recorded remittance flows to low- and middle-income countries (LMICs) moderated in 2023, reaching an estimated $656 billion, according to the World Bank’s latest Migration and Development Brief released today.
World Bank Group addresses severe food insecurity in Gaza
By Globe Banner | Jun 26, 2024
The World Bank Group issued a statement today expressing deep concern over the ongoing humanitarian crisis in Gaza. According to a new report by the Integrated Food Security Phase Classification (IPC) initiative, of which the World Bank is a partner, 96 percent of Gaza's population—approximately 2.15 million people—are experiencing high levels of acute food insecurity.
Geneva Week highlights recent developments in international trade
By Globe Banner | Jun 25, 2024
Participants will engage with high-level officials, government representatives based in Geneva, and experts from the WTO Secretariat and the Advisory Centre on World Trade Organization Law. They will also have the opportunity to hear about activities carried out by the Standards and Trade Development Facility.
Fortune Crypto author: Nigerian government may 'regret its unjustified decision' to detain former U.S. federal agent
By Globe Banner | Jun 25, 2024
Jeff John Roberts, author of the Fortune Crypto newsletter, stated that pressure from U.S. officials over the detention of Tigran Gambaryan may be causing Nigerian officials to regret arresting him. Roberts shared his statement in the June 24 edition of the newsletter, which focused on Gambaryan, a former U.S. federal agent and current Binance employee.
NCUA releases annual report on cybersecurity measures for credit unions
By Globe Banner | Jun 25, 2024
The National Credit Union Administration (NCUA) released its annual Cybersecurity and Credit Union System Resilience Report today. The report provides an overview of the current cybersecurity threat landscape, highlights key cybersecurity initiatives, and details ongoing efforts to enhance cybersecurity preparedness and resilience within the credit union industry.
Equatorial Guinea explores pathways towards developing an inclusive digital economy
By Globe Banner | Jun 25, 2024
In the wake of new challenges and its prolonged oil dependency, Equatorial Guinea’s government is aiming for economic diversification as a key course of action for growth and stability. The adoption of digital technologies has the potential to increase the productivity of Small and Medium-sized Enterprises (SMEs), stimulate innovation, and create high-skilled jobs in Equatorial Guinea. Digital transformation could therefore play a critical role in diversifying Equatorial Guinea’s economy in the upcoming years.
WTO's Chairs Programme bridges global gaps through research
By Globe Banner | Jun 25, 2024
The Director-General (DG) of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, engaged with participants on their trade-related projects encompassing research, curriculum development, and policy outreach. These initiatives are implemented in collaboration with the WTO Secretariat.