Latest News
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...
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...
Binance Announces Blockchain Week Dubai 2024
By Globe Banner | Oct 17, 2024
Binance has announced that its upcoming event, Binance Blockchain Week Dubai 2024, will take place on October 30-31. Themed "Momentum," the event will focus on the industry's progress since the previous gathering in Istanbul. Key developments in blockchain will be addressed on the main stage.
Middle East and North Africa face economic challenges amid conflicts
By Globe Banner | Oct 16, 2024
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.
World Bank report highlights gender pay gap issues facing Armenian women
By Globe Banner | Oct 16, 2024
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.
World Bank forecasts modest economic growth for MENA amid regional conflicts
By Globe Banner | Oct 16, 2024
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.
World Bank introduces new partnership framework focusing on Cambodia's development
By Globe Banner | Oct 16, 2024
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.
World Bank issues £700M sustainable development bond maturing in October 2034
By Globe Banner | Oct 15, 2024
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.
World Bank calls for increased investment as Pacific growth slows
By Globe Banner | Oct 15, 2024
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.
World Bank supports Malawi with new emergency response project
By Globe Banner | Oct 15, 2024
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.
World Bank report warns eliminating poverty could take over a century
By Globe Banner | Oct 15, 2024
At the current rate of progress, it could take over a century to eliminate poverty for nearly half of the global population, according to the World Bank's "Poverty, Prosperity, and Planet Report."
World Bank urges reforms as Bangladesh faces economic challenges post-COVID
By Globe Banner | Oct 15, 2024
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.