Latest World Bank News

Myanmar's economy in crisis as civil strife disrupts trade and livelihoods

Jun. 12, 2024 05:06 AM EDT

BANGKOK (AP) — Myanmar, once a thriving emerging economy, is struggling to regain momentum as the country’s civil war increasingly disrupts trade and livelihoods. World Bank economists estimate the country's economy grew at a 1% annual pace in the year that ended in March, more...

World Bank boosts forecast: Strength of US economy will support global growth of 2.6% this year

Jun. 11, 2024 09:33 AM EDT

WASHINGTON (AP) — The World Bank upgraded its outlook for the global economy Tuesday, estimating that it will expand 2.6% this year on the strength of sustained growth in the United States. The bank's latest outlook marks an increase from the 2.4% growth for 2024 it had predicted...

World Bank approves a $1 billion loan for Pakistan's key hydropower project

Jun. 11, 2024 05:09 AM EDT

ISLAMABAD (AP) — The World Bank said Tuesday it has approved $1 billion for the construction of Pakistan's biggest Dasu hydropower project, which is being built in the country's northwest with China's help. The loan would be used to expand the hydropower electricity supply and...

Cattle are a major source of greenhouse gas emissions. Hawaii seaweed could change that

Jun. 03, 2024 12:07 PM EDT

HONOLULU (AP) — Limu kohu is most traditionally destined for poke bowls, but the distinctive-tasting seaweed is now increasingly in demand for cattle to reduce the amount of methane they burp into the atmosphere. Parker Ranch cattle are among the first of Hawaii’s livestock to...

Poverty in Lebanon tripled over a decade, World Bank says

May. 23, 2024 07:46 AM EDT

BEIRUT (AP) — Poverty in Lebanon tripled over the course of a decade during which the small Mediterranean country slid into a protracted financial crisis, the World Bank said Thursday. The percentage of people in Lebanon living below the poverty line rose from 12% in 2012 to 44% in...

Columbia's president, no stranger to complex challenges, walks tightrope on student protests

Apr. 25, 2024 00:34 AM EDT

Columbia University president Minouche Shafik is no stranger to navigating complex international issues, having worked at some of the world’s most prominent global financial institutions. At the World Bank and the International Monetary Fund, for example, she tackled both the...

Facing pressure from rights groups, World Bank suspends funding for Tanzania tourism project

Apr. 23, 2024 03:02 AM EDT

KAMPALA, Uganda (AP) — The World Bank has suspended funding for a tourism project in Tanzania that caused the suffering of tens of thousands of villagers, according to a U.S.-based rights group that has long urged the global lender to take such action. The World Bank's decision to...

World Bank's Banga wants to make gains in tackling the effects of climate change, poverty and war

Apr. 18, 2024 20:15 PM EDT

WASHINGTON (AP) — There was no shortage of stressors to the global economy when Ajay Banga took charge at the World Bank almost a year ago: inflation eating at nations drowning in debt, a once-in-a-generation pandemic, climate disasters and Russia's invasion of Ukraine. Factor in...

Yellen says Iran's actions could cause global economic spillovers as White House vows new sanctions

Apr. 16, 2024 19:31 PM EDT

WASHINGTON (AP) — Treasury Secretary Janet Yellen warned Tuesday of potential global economic damage from rising tensions in the Middle East as the Biden administration said it was readying new sanctions in response to Iran's malevolent activity in the region. Yellen spoke out...

Ukraine prime minister calls for more investment in war-torn country during Chicago stop of US visit

Apr. 16, 2024 14:57 PM EDT

CHICAGO (AP) — Ukraine Prime Minister Denys Shmyhal kicked off a United States visit Tuesday with multiple stops in Chicago aimed at drumming up investment and business in the war-torn country. He spoke to Chicago-area business leaders before a joint news conference with Penny...