The World Bank’s Doing Business Report 2017, subtitled ‘Equal Opportunity for All’, continues to mislead despite the many criticisms, including from within, leveled against the Bank’s most widely read publication, and Bank management promises of reform for many years.
The volume of unwanted gas burnt off in flares by the oil industry has risen in the past five years, according to new World Bank (WB) data, showing that efforts to reduce waste still have a long way to go.
The World Bank is set to make net savings that are half the size of a much-touted $400 million target as administrative costs rise on a surge in lending, despite a contentious reorganization pushed through by Jim Yong Kim, its president.
Palestinian protesters have stormed the office of the International Committee of the Red Cross (ICRC) in the Israeli-occupied West Bank, blaming it inaction in the case of a prisoner now on his 70th day of hunger strike in Israeli detention.
The World Bank said a landmark nuclear deal that Iran signed with the P5+1 last year has already enabled the country to gain access to as much as $30 billion of its assets that had been frozen as a result of the sanctions.
The Bangladeshi government has signed a $130 million additional financing agreement with the World Bank to scale up support for the recently licensed and new economic zones to attract foreign and domestic investment as well as to create more jobs in the manufacturing sector.
The World Bank trimmed its 2016 and 2017 economic growth forecasts for developing East Asia and Pacific, and said the outlook was clouded by risks such as uncertainty over China's growth prospects, financial market volatility and further falls in commodity prices.
The World Bank on Tuesday dramatically revised down its forecast for crude oil prices, predicting they would average just $37 a barrel this year and warning commodity markets to brace themselves for the possibility of a much sharper than expected slowdown in emerging economies.
Weak growth among major emerging markets will weigh on global growth in 2016, but economic activity should still pick up modestly to a 2.9-percent pace, from 2.4 percent growth in 2015, as advanced economies gain speed, according to the World Bank’s January 2016 Global Economic Prospects.