Inflation in Pakistan is taking a serious toll on the lives of the locals as the income of a household has fallen by at least 35 per cent while the cost of living under basic facilities of food and shelter has surged by 40 to 50 per cent.
Of the major economies, China is ahead with its economy expected to grow by 8.5 per cent during the current calendar year after the Bank revised it upwards from the 8.1 per cent projection in April.
Sri Lanka also has the highest rate of road fatalities in South Asia with around 3,000 deaths per year, the World Bank statement said.
The World Bank has lowered the growth projection for India for the financial year 2021-22 to 8.3 per cent. Its previous growth estimate for the fiscal was 10.1 per cent.
Washington: India, which has one per cent of the world’s vehicles, accounts for 10 per cent of all road crash victims, the latest World Bank report on road safety said on Saturday. Hartwig Schafer, World Bank’s Vice President for South Asia, said the Indian government in recent years has taken significant steps to address the […]
Washington: India’s economy is estimated to contract by 9.6 per cent in the fiscal year 2020-21, reflecting a sharp drop in household spending and private investment, and the growth is expected to recover to 5.4 per cent in 2021, the World Bank said on Tuesday. In its Global Economic Prospects report, the World Bank said […]
Washington: The world is experiencing one of the deepest recessions since the Great Depression in the 1930s owing to the novel coronavirus, World Bank President David Malpass has said, terming the COVID-19 pandemic a “catastrophic event” for many developing and the poorest countries. He told reporters that given the extent of the economic contraction, there […]
New Delhi: The prolonged closure of schools due to the COVID-19 pandemic in India may cause a loss of over USD 400 billion in the country’s future earnings, besides substantial learning losses, according to a World Bank report. South Asia region stands to lose USD 622 billion from the school closures in the present scenario […]
United Nations: As India reels from the impact of the COVID-19 pandemic, the World Bank projects the country’s economy to shrink by 3.2 per cent in the current fiscal year, the worst performance since 1979. The Bank said on Monday that the world was facing its worst recession since World War II and per capita […]
Washington: The global economy is on track to shrink by 5.2 per cent this year amid the COVID-19 pandemic, the deepest recession since the Second World War, the World Bank Group said in its latest Global Economic Prospects. Economic activity in advanced economies is anticipated to contract 7 per cent in 2020 as domestic demand […]
New Delhi: The World Bank’s Board of Executive Directors today approved a $1 billion accelerating India’s COVID-19 Social Protection Response Program to support India’s efforts at providing social assistance to the poor and vulnerable households, severely impacted by the COVID-19 pandemic. This takes the total commitment from the Bank towards emergency COVID-19 response in India […]
New Delhi: The Asian Infrastructure Investment Bank’s (The Asian Infrastructure Investment Bank’s (AIIB) Board of Directors has approved a loan of $500 million to support India’s fight against the coronavirus pandemic by strengthening the country’s health system. Titled ‘India COVID-19 Emergency Response and Health Systems Preparedness Project’, it is funded by AIIB’s COVID-19 Crisis Recovery […]
Washington: The International Monetary Fund (IMF) and the World Bank Group (WBG) have called on countries to keep trade open as the world battles the COVID-19 pandemic, warning that export controls on medical supplies and other essentials could backfire. At a virtual press conference during the just-concluded spring meetings of the two multilateral institutions, IMF […]
Washington: Global COVID-19 deaths surpassed 150,000 with over 2.2 million infections on Friday as international institutions are intensifying their collective efforts on battling the pandemic. A total of 150,948 people have died of the disease as of 3:30 p.m. (1930 GMT) among 2,214,861 cases worldwide, according to the Center for Systems Science and Engineering (CSSE) […]
Washington: The World Bank on Sunday said the coronavirus outbreak has severely disrupted the Indian economy, magnifying pre-existing risks to its outlook. In its South Asia Economic Update: Impact of COVID-19 , the World Bank estimated the Indian economy to decelerate to 5 per cent in 2020 and projected a sharp growth deceleration in fiscal […]
United Nations: The World Bank has announced that it has approved $1 billion in emergency financing for India to fight the COVID-19 (coronavirus) pandemic. The assistance will support better screening, contact tracing, and laboratory diagnostics, procurement of personal protective equipment, creation of new isolation wards, the bank said on Thursday. It is the bulk of […]
Washington: The World Bank has announced increasing to USD14 billion the amount of fast-track financing to assist companies and countries in their efforts to respond to the rapid spread of COVID-19, adding USD2 billion to the initial package. The announcement came amid fear of a major global recession in the wake of the coronavirus that […]
Washington: The World Bank has committed $12 billion in aid for developing countries grappling with the spread of the coronavirus. The emergency package includes low-cost loans, grants and technical assistance. The action comes as leaders around the world pledge to shield their countries from the economic impact of the outbreak, the BBC reported on Wednesday. […]
New Delhi: World Bank has cautioned India that credit flow from the non-bank financial companies (NBFC) is expected to linger while growth will remain subdued at 5 per cent for the current fiscal. “In India, where weakness in credit from non-bank financial companies is expected to linger, growth is projected to slow to 5 per cent […]
Washington: Three top Republican senators have tabled a legislation in the US Senate to prevent World Bank from lending to China on projects that would be used against religious and ethnic minorities. The move comes following reports of a questionable USD50 million World Bank loan to a Chinese organisation associated with the forcible internment of […]
Washington: India has jumped 14 places to take the 63rd position on the World Bank’s ease of doing business ranking released on Thursday, figuring among the top 10 performers on the list for the third time in a row mainly due to the successful implementation of the Insolvency and Bankruptcy Code. The country was 77th […]
Washington: India jumped 14 places to the 63rd position on the World Bank’s ease of doing business ranking released on Thursday, riding high on the government’s flagship ‘Make in India’ scheme and other reforms attracting foreign investment. The country also figured among the top 10 performers on the list for the third time in a […]
New Delhi: The outlook for the Indian economy for the current fiscal seems to get bleaker by the day as major economic forums and institutions have of late revised the country’s GDP forecast downwards, with the International Monetary Fund (IMF) being the latest in the fray. The IMF in its World Economic Outlook released on […]
Washington: After a broad-based deceleration in the initial quarters of this fiscal year, India’s growth rate is projected to fall to 6 per cent, the World Bank said on Sunday. In 2018-19, the growth rate of the country stood at 6.9 per cent. However, the bank in its latest edition of the South Asia Economic […]
Washington: India has been relatively hit hard by the recent global slowdown resulting in its projected growth dropping to 6.0 per cent in 2019, but it’s still a fast-growing economy with a lot of potential, a top World Bank economist said on Sunday. “It’s still a fast-growing economy. So even with the recent slowdown, it […]