News from October 2024
World Bank boosts renewable energy projects in Haiti with $20 million grant
By Globe Banner | Oct 18, 2024
The World Bank has approved an additional $20 million in financing for the "Haiti: Renewable Energy for All Project." This funding, provided by the International Development Association, is intended to enhance renewable energy investments and improve electricity access across Haiti. The current state of Haiti's electricity sector presents a significant barrier to economic growth and effective emergency responses, with only 47.1 percent of the population having access to electricity as of 2021.
Small business group discusses global support strategies for MSMEs
By Globe Banner | Oct 18, 2024
The recent meeting focused on the significant role of business support organizations like the Enterprise Europe Network and the International Trade Centre. These entities assist small businesses in connecting with partners, facilitating exports to international markets, and leveraging opportunities from free trade agreements. The discussions highlighted how these organizations aid in the flow of information between public and private sectors, particularly benefiting small businesses by providing feedback and advisory services to access financing.
WTO seminar informs Latin American journalists on global trade challenges
By Globe Banner | Oct 18, 2024
The joint seminar organized by the Friedrich Ebert Stiftung (FES) and the World Trade Organization (WTO) for journalists from Latin America concluded recently. The event was opened by WTO Deputy Director-General Johanna Hill, who emphasized the importance of promoting knowledge and critical discussion on key issues for the future of global trade. She highlighted that these discussions are crucial in the current context marked by significant changes and challenges to the multilateral trading system.
Market access committee discusses strategies for resilient global supply chains
By Globe Banner | Oct 18, 2024
The Committee on Market Access recently held its third thematic session focused on supply chain resilience. The session was moderated by Mr. Iain Fifer from the United Kingdom, who highlighted the importance of trade data in understanding and improving supply chains. He pointed out challenges in obtaining reliable data and emphasized its role in decision-making.
Imprisoned former Pakistani Prime Minister Imran Kahn disqualified from his candidacy for Oxford chancellorship
By Globe Banner News Service | Oct 17, 2024
Jailed former Pakistani Prime Minister Imran Khan has been disqualified from becoming the next Chancellor of Oxford University.
Former chief of IRS - Criminal Investigations: Ex-U.S. government agent 'without a doubt, is being held captive in a Nigerian prison'
By Globe Banner | Oct 17, 2024
Former IRS Criminal Investigation Chief Richard Weber has expressed his belief in the innocence of his former colleague, Tigran Gambaryan. He claims that the Nigerian government is using Gambaryan to "get something" from his current employer, Binance. Weber shared these views during a podcast on October 3.
Women empowerment key for economic growth in South Asia
By Globe Banner | Oct 17, 2024
Across South Asia, stories of successful working women coexist with a troubling statistic: the region has one of the lowest female labor force participation rates globally. According to the World Bank’s latest South Asia Development Update: Women, Jobs and Growth, only 32 percent of working-age women are employed compared to 77 percent of men.
Economic outlook for Europe and Central Asia shows mixed results
By Globe Banner | Oct 17, 2024
Economic growth in the developing economies of Europe and Central Asia is projected to slow down to 3.3% in 2024, compared to 3.5% in 2023. This deceleration is largely attributed to economic slowdowns in the region's two largest economies, the Russian Federation and Türkiye. The primary drivers of growth are private consumption and supportive fiscal policies, though external demand remains weak due to sluggish economic growth among major trading partners like the European Union.
World Bank releases latest Nigeria Development Update
By Globe Banner | Oct 17, 2024
The Nigeria Development Update (NDU) is a biannual report series by the World Bank. The NDU evaluates recent economic and social developments and prospects in Nigeria, placing these within a longer-term and global context. It also offers an in-depth examination of selected economic and policy issues, as well as an analysis of Nigeria’s medium-term development challenges. The report targets a broad audience, including policymakers, business leaders, financial market participants, and analysts engaged in Nigeria's evolving economy.
International Development Association aids low-income nations through sustainable nature investments
By Globe Banner | Oct 17, 2024
In many low-income countries, nature serves as a path out of poverty. Sectors such as forestry, fishing, and ecotourism can create jobs, boost economies, and increase resilience to climate change if managed sustainably. However, these countries are also the most affected by the unprecedented loss of biodiversity today. The loss of just a few key ecosystem services could cost low-income countries 10% of their annual GDP by 2030. Many have begun to see recent development progress undermined by environmental degradation, pollution, and climate impacts.
World Bank predicts stable Albanian economy amid structural reform efforts
By Globe Banner | Oct 17, 2024
Albania's economic growth is projected to remain strong in 2024 at 3.3%, supported by private consumption, tourism, and construction. The World Bank's Western Balkans Regular Economic Report anticipates a slight acceleration to 3.4% in 2025.
World Bank reports progress on poverty reduction efforts in Tonga
By Globe Banner | Oct 17, 2024
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.
DEG receives kununu Top Company seal for third consecutive year
By Globe Banner | Oct 17, 2024
DEG has once again received the kununu Top Company seal, marking its third consecutive year earning this distinction.
IDA supports low-income countries' investments in sustainable nature management
By Globe Banner | Oct 17, 2024
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...
WTO concludes advanced workshop on agriculture notifications
By Globe Banner | Oct 17, 2024
The World Trade Organization (WTO) has concluded the second phase of its advanced workshop on agriculture notifications. The two-day program, held in October 2024, provided practical training sessions that built upon the first phase conducted a year earlier. Participants received an overview of the WTO's agricultural notification requirements, focusing particularly on market access and domestic support notifications. They were also guided on using the WTO's Agriculture Information Management System.
World Bank projects moderate economic growth acceleration in Western Balkans through 2025
By Globe Banner | Oct 17, 2024
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.
German start-up investments rise significantly in Q3
By Globe Banner | Oct 17, 2024
In the third quarter of 2024, German start-ups experienced a resurgence in capital investment, with more than EUR 2 billion invested by both domestic and international providers.
World Bank highlights need for educational reform amid slowing economic growth
By Globe Banner | Oct 17, 2024
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.
Jordan expands national aid fund program amid rising needs
By Globe Banner | Oct 17, 2024
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.
World Bank urges continuation of Nigerian economic reforms amid challenges
By Globe Banner | Oct 17, 2024
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...