The COVID-19 pandemic will shrink the global economy by 5.2 per cent this year, representing the deepest recession since World War Two, and triggering a dramatic rise in extreme poverty, the World Bank said Monday in its latest Global Economic Prospects report.
Deteriorating water quality worldwide is slashing the economic potential of heavily polluted areas, according to a new World Bank report, released on Tuesday. It also warns that the “invisible crisis of water quality” is threatening human and environmental well-being.
The World Bank has lowered its expectations of global economic growth for this year in a new report. It says that, although the picture for poorer countries is expected to stabilize in 2020, economic momentum remains weak.
The outlook for global growth is at its lowest since the financial crisis, but expected to pick up in the second half of 2019, the International Monetary Fund reported on Tuesday, so long as “policy missteps that could harm economic activity” are avoided.
The President of the World Bank, Jim Yong Kim, announced on Monday that he is stepping down, after more than six years in the role. Kristalina Georgieva, CEO of the World Bank CEO, will assume the role of interim President, from 1 February.
Despite major fundraising efforts, UNRWA – the UN agency tasked with providing life-saving support to Palestinian refugees – is facing the “largest ever reduction in funding” in its history which is threatening the very existence of many of its critical assistance programmes.