World Bank

The World Bank has significantly reduced its 2025 global growth forecast, pointing to the escalating trade tensions and policy uncertainty, particularly due to the wide-ranging tariffs imposed by U.S. President Donald Trump. What Happened: The World Bank’s latest economic prospects...

U.S. Treasury Secretary Scott Bessent called for a sweeping overhaul of the International Monetary Fund and World Bank, criticizing China's export-driven model and urging a global economic reset aligned with the Trump administration's redefined vision of the Washington Consensus. "We must make the...

Recently, the World Bank estimated that there were 1.4 billion unbanked and many more underbanked people globally. The lack of access to financial services is a significant burden for underserved populations, making it harder to get loans and bridge financial gaps, which hurts personal finances and...

The World Bank's Global Economic Prospects report, released Thursday, highlights a fragile outlook as inflation, trade disruptions, geopolitical tensions and policy uncertainty weigh on momentum. The global economy is expected to stay stuck at 2.7% growth in 2025-’26, a pace too weak to drive...

In light of President-elect Donald Trump‘s commitment to trim U.S. government expenditures, the World Bank, currently under investigation for the misplacement of $24 billion in climate funds, is bracing for substantial budget reductions. What Happened: Senior officials at the World Bank are...

Vietnam has reportedly lost at least $2.5 billion in foreign aid over the past three years due to administrative stagnation. The country is at risk of losing an additional $1 billion, as revealed in a letter to the government from the United Nations, the World Bank, and Western donors. The letter,...

The Amazonia Bond proposal, which aims to raise funds for the preservation of the Amazon rainforest, is encountering skepticism and technical challenges. This initiative, backed by several South American countries, is facing hurdles despite political support. What Happened: The proposal for...

In a recent opinion piece, a former World Bank president proposed the transfer of Russian assets to Ukraine as a means of aiding the war-torn country. What Happened: Robert Zoellick, a former World Bank president, suggested in an opinion piece for the Financial Times that Russia’s frozen...

World Bank President Ajay Banga is confident that the global push for climate change action can withstand a potential second term for former President Donald Trump, despite the latter’s historically antagonistic stance on clean energy policy. What Happened: Banga, nominated by President Joe ...

The BRICS nations — Brazil, Russia, India, China and South Africa agreed to admit more members into the coalition.   More countries are waiting in the wings to join the group. What Happened: The BRICS summit was held in Johannesburg, South Africa, this week. Membership remains poised to expand to...

In a bid to help countries tackle climate change and other challenges, World Bank President Ajay Banga has unveiled plans to stretch the bank’s balance sheet, Reuters reports. Reforming the World Bank: The new proposals, which are still under discussion with shareholder countries, were...

The World Bank’s latest Global Economic Prospects report has warned that amid fragile economic conditions, any new adverse development such as higher-than-expected inflation, abrupt rises in interest rates, a resurgence of the COVID-19 pandemic or escalating geopolitical tensions could...

China’s ongoing struggles with Covid are bringing instability to the country’s economic outlook. A massive wave of protests has led the ruling Communist Party to dial down on its strict “zero-covid” policies, opening the gateway to a new potential public health crisis. But...

U.S. Treasury secretary Janet Yellen has criticized the supply cut decision made by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, calling it “unhelpful and unwise” for the global economy. What Happened: Yellen, in an...

Argentina's cannabis marketplace shows signs of much promise coupled with significant national uncertainty. Incremental progress has been underway for several years. The Supreme Court decriminalized small amount use in 2009. In 2017, the country approved the import of cannabis products with a...