Increasing debt distress in emerging markets means that China, now the world's largest official creditor, will need to start restructuring debts in the same way that Paris Club lenders did in past crises, World Bank Chief Economist Carmen Reinhart told the Reuters Next conference.
World Bank President David Malpass urged private sector creditors to finally step up and help poor countries deal with the economic and health crises unleashed by the COVID-19 pandemic and stop collecting funds urgently needed elsewhere.
World Bank President David Malpass urged private sector creditors to finally step up and help poor countries deal with the economic and health crises unleashed by the COVID-19 pandemic and stop collecting funds urgently needed elsewhere.
Amid calls from the UN Chief to stop treating the earth ‘as if we have a spare one,’ French President Emmanuel Macron led world leaders in commitments to protect ecosystems at the One Planet Summit
Climate change and a lack of care for the environment could have devastating consequences for Saint Lucia’s healthy ecosystems and rich biodiversity. On Jan 10, France, the United Nations and the World Bank hosted a virtual biodiversity summit where world leaders pledged action and funding to protect the planet. Credit: Desmond Brown/IPS
UNITED NATIONS, Jan 12 2021 (IPS) - French President Emmanuel Macron convened the 4th edition of the One Planet Summit for Biodiversity with a concession – that after a decade, the world has failed to take the action needed to stem global biodiversity loss. The Jan. 10 event, hosted virtually by France, the United Nations and the World Bank, focused on four areas for urgent action; protecting land and maritime species, promoting agroecology, mo
Chart: World Economy to Trail Pre-Pandemic Trajectory for Years
While the World Bankâs economists have adjusted their 2020 forecast for global GDP growth from -5.2% to -4.3% to account for early signs of recovery, their outlook for 2021 has worsened.
An employee works on a production line manufacturing steel structures at a factory in Huzhou, Zhejiang province, China May 17, 2020. Photo: China Daily via Reuters
World11/Jan/2021
The World Bank released its latest Global Economic Prospects report this week, providing us with an updated look at the coronavirus pandemicâs effect on the world economy. Striking a cautious tone, the report finds that global economic output will likely remain below its pre-pandemic trend for a protracted period, warning that the pandemic âhas exacerbated the risks associated with a decade-long wave of global debt accumulationâ.