Page 15 - World Bank

World Bank expects UAE's non-oil economy to expand by 4.8% in 2023

World Bank has projected that real GDP of UAE will grow by 2.8% in 2023, as non-oil sector is expected to achieve strong growth of 4.8%, driven by robust domestic demand

Lebanon's booming dollar cash economy hinders economic recovery: World Bank

Crisis-hit Lebanon's economic recovery is hampered by a growing dollarised cash economy, which is predicted to be $9.9 billion in 2022, or almost half size of country's economy, the World Bank said

World Bank team expresses interest in Kerala's carbon-neutral initiatives

A World Bank team, led by Vice President for South Asia Region Martin Raiser, held discussions with Kerala Chief Minister Pinarayi Vijayan and expressed interest in projects that the state plans to implement to achieve carbon neutrality by 2050. After the meeting, Raiser said Kerala was urbanising rapidly, and this will create more challenges in the future due to the rising level of carbon emissions, particularly from the transport sector. "So, one of the areas in which Kerala wants to make further progress is to green its transport system," Raiser told PTI. He said the state should tap renewable energy resources to meet its energy needs. "It has a lot of potential for solar," the World Bank official said. Raiser said during his meeting with the chief minister and some of his Cabinet colleagues, he emphasised the need for implementing e-mobility by adopting electric and fuel cell-based electric vehicles for developing a green eco-system in the state. He, however, admitted that it

Multilateral banks not fit for purpose in 21st century: Singh & Summers

The two men have been tasked by G-20 (headed by India this year) to be in charge of an expert group to formulate a detailed plan for reforms in multilateral institutions

TMS Ep327: Swiggy fee, India's semiconductor industry, silver, World Bank

Why is Swiggy charging you a platform fee? Why are Taiwanese chip firms a tough catch for India? Should you add silver to your portfolio? What is the World Bank and what does it do? All answers here

Ajay Banga will be a 'transformative leader' as World Bank President: Biden

Ajay Banga will be a "transformative leader", who will bring expertise, experience, and innovation to the position of World Bank President, US President Joe Biden has said after the top Indian-American business executive was confirmed as the new head of the international lender. The Executive Directors of the World Bank on Wednesday selected Banga as the 14th President of the bank for a five-year term beginning June 2. He became the first-ever Indian-American to head the Washington-based bank and will replace David Malpass. In February, President Biden announced that the US would nominate Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history." "Ajay Banga will be a transformative leader, bringing expertise, experience, and innovation to the position of World Bank President. And together with World Bank leadership and shareholders, he will help steer the institution as it evolves and expands to address globa

Sitharaman confident Banga will use experience in pursuing World Bank goals

Finance minister Nirmala Sitharaman on Thursday exuded confidence that the incoming World Bank President Ajay Banga will utilise his corporate world experience in pursuing the goals of the multilateral lending agency. Banga, 63, will take over as the President of the World Bank on June 2. He will succeed President David Malpass. "Hearty congratulations Ajay Banga on being selected as the President of @WorldBank. I am confident that you'll bring your wide experience in the corporate world for meeting the goals of the Bank," Sitharaman tweeted. The minister is currently in Incheon in South Korea to attend the 56th annual meeting of the Asian Development Bank (ADB). Banga will be the first-ever Indian-American to head the global financial institution. "The Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023," the World Bank had said. In February, United States President Joe Biden announced that t

Top 5 headlines: Fed hike, Ajay Banga to become World Bank president & more

Business Standard bring you top news headlines at this hour

Facts to know about Ajay Banga, first Indian-American to head World Bank

As Ajay Banga gears to take charge of the World Bank officially, here are some facts to know about him

World Bank approves $1.25 bn financing for Bangladesh for 2023-27

It approved $250 million for a project on microenterprise to help transform the micro-enterprise sector into a more dynamic, less-polluting, resource-efficient, and climate-resilient growth sector

Realistic assessment

Focus on improving growth prospects

Logistics efficiency helped India climb 6 places on World Bank's LPI: Govt

Various initiatives taken by the government to improve its logistics efficiency has helped India climb six places on the recently released World Bank's Logistics Performance Index (LPI) 2023, an official statement said on Wednesday. India has climbed six places on the LPI, now ranking 38th in the 139 countries index, as a result of significant investments in both soft and hard infrastructure as well as technology. India was ranked 44th on the index in 2018 and has now climbed to 38th in the 2023 listing. India's performance has drastically improved from 2014, when it was ranked 54th on the LPI. "India has been taking numerous initiatives since 2015to improve its logistics efficiency. The World Bank has acknowledged India's efforts towards increasing logistics efficiency," the commerce and industry ministry said. On four out of six LPI indicators, India has seen a remarkable improvement on the back of various initiatives being implemented over the past few years, it said. "This is

World Bank chief economist calls for new approaches to address debt crisis

The Common Framework should be replaced, he said, in the strongest terms used by a World Bank official. "It's not the right machinery"

India, China becoming high income countries to bring disruption: World Bank

He also highlighted the problems behind countries getting trapped, such as rising wages in the middle-income countries, results in loss of labour-intensive sectors

Banga is uniquely equipped to lead World Bank at such a critical moment: US

Indian-American business leader Ajay Banga is an exceptional candidate and he is uniquely equipped to lead the World Bank at such a critical moment, the US has said as the bank plans to formally announce his appointment as its president. In February, President Joe Biden announced that the US would be nominating Banga to lead the World Bank because he is well equipped to lead the global institution at "this critical moment in history." On March 31, The World Bank closed a month-long window for nominations for its next president, with no alternatives announced to 63-year-old Banga. Banga is the only applicant for the position of president of the World Bank, the global financial institution said. He (Banga) is uniquely equipped to lead the World Bank at such a critical moment, and he's an exceptional candidate, Vedant Patel, State Department Principal Deputy Spokesperson, told reporters at his daily news conference on Friday. His leadership skills and management experience, his ...

With $100 bn in 2022, India biggest recipient of money from overseas

Highly-skilled Indian migrants from the US, UK and Australia were sending more money home, helped by job support programs during Covid-19 restrictions

FinMin tasks World Bank with examining financing in infrastructure sectors

Behind the push for increased private sector participation in these sectors is the fact that the share of the private sector declined from 37 per cent in FY08 to 25 per cent in FY19

Ukraine, World Bank agree on $6 bn recovery programme amid Russia war

Besides, Ukraine will implement joint projects with the World Bank on rebuilding its energy sector, including the heating system, as well as transport and healthcare sectors

China as a creditor

Sovereign debt restructuring has become tricky

World Bank estimates decline in Pakistan's GDP per capita income to $1,399

The World Bank has estimated a drop in GDP per capita income for Pakistan from USD 1,613.8 in 2021-22 to USD 1,399.1 in 2022-23, Business Recorder reported.In its report 'Macro Poverty Outlook for Pakistan: April 2023', the bank noted that GDP per capita growth is estimated at -1.5 per cent in 2022-23 in comparison to 4.2 per cent in 2021-22. World Bank has cut Pakistan's GDP forecast to 0.4 per centThe unemployment rate in Pakistan is estimated to rise from 10.2 per cent in 2022-23 to 10.1 per cent in 2021-22. Poverty will inevitably rise with pressures from weak labour markets and high inflation, as per the Business Recorder report.In the absence of higher social spending, the lower-middle-income poverty rate is expected to rise to 37.2 per cent in FY23. Considering poor households' dependency on agriculture and small-scale manufacturing and construction activity, they remain vulnerable to economic and climate shocks.Gross investment is estimated to reduce to 106 per cent in 2022-23