World Bank President David Malpass said that a global recession appears all but inevitable as the war in Ukraine roils on, fueling higher food and energy prices that keep broader inflationary pressures high. Malpass made the remarks in a May 25 virtual discussion hosted by the U.S. Chamber of Commerce, which grappled with a number of…
World Bank Approves $150 Million Food Security Loan for Lebanon
BEIRUT—The World Bank on Monday approved a $150 million loan to help Lebanon fund wheat imports and keep bread prices stable for nine months, the country’s economy minister told Reuters. The program, known as the Lebanon Wheat Supply Emergency Response Project, still needs approval by the country’s cabinet and parliament, said Amin Salam. A World…
At World Bank Climate Talk, Speaker Floats End of Conventional Vehicle Sales
April 21, 2022
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In remarks to the World Bank’s “Financing Climate Action” event on April 21, Baron Nicholas Stern, one of the world’s most influential climate economists, spoke about what he sees as necessary global actions on climate change, including on the sale of conventional internal combustion engine (ICE) vehicles. “The right kind of policies have to be…
World Bank Chief Warns of Food Crisis Due to Russia-Ukraine Conflict
April 21, 2022
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The World Bank has warned of a “human catastrophe” from a food crisis that could see millions forced into poverty due to the full-scale invasion launched by Russian forces in Ukraine. World Bank president David Malpass told the BBC at the IMF-World Bank spring meetings in Washington that record food prices could see hundreds of millions…
Foreign Money Flees China Amid Investor Fears
The World Bank says reducing dependence on China is “probably good for everyone.” That’s the organization’s present comments on the issue. Shipping is grinding to a halt on Chinese highways. Lockdown protocols have left truckers trapped in their vehicles, and the backup is now hitting supply chains. That’s as foreign money flees China at breakneck…
War to Slash Ukraine’s GDP Output by Over 45 Percent, World Bank Forecasts
April 12, 2022
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WASHINGTON—Ukraine’s economic output will likely contract by a staggering 45.1 percent this year as Russia’s invasion has shuttered businesses, slashed exports and rendered economic activity impossible in large swaths of the country, the World Bank said on Sunday. The World Bank also forecast Russia’s 2022 GDP output to fall 11.2 percent due to punishing financial…
World Bank Cuts East Asia’s 2022 GDP Forecast on Ukraine War
April 6, 2022
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MANILA—The World Bank cut its growth forecast for East Asia and the Pacific for 2022 to reflect the economic impact of Russia’s invasion of Ukraine, warning the region could lose further momentum if conditions worsen. The Washington-based lender said in a report on Tuesday it expected 2022 growth in the developing East Asia and Pacific…
World Bank Announces $723 Million Emergency Finance Package Providing ‘Critical Services’ to Ukraine
March 8, 2022
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The World Bank on Monday announced a package of emergency loans and grants for Ukraine worth over $700 million as the country continues to battles the Moscow-led military invasion. According to the World Bank, the loans and grants will “help the government provide critical services to Ukrainian people, including wages for hospital workers, pensions for the elderly, and…
World Bank Worried About Global Food Supply and Increasing Prices as War Rages in Major Exporter Ukraine
March 4, 2022
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The Russian incursion into Ukraine is a “catastrophe” for the world, said the president of the World Bank, David Malpass, while warning about the negative impact of the war on global food supplies, prices, and further supply chain crunches. Stressing that his biggest concern was the “pure loss of human lives,” Malpass pointed out that…
World Bank President Warns Russia Invasion of Ukraine Could Impact Global Economy
February 28, 2022
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The President of the World Bank David Malpass has warned that Russia’s invasion of Ukraine could potentially impact the global economy, including Russia itself. Appearing on CBS’ “Face the Nation” on Sunday, Malpass said the invasion could affect the Russian ruble and as a consequence, the people of Russia. “So one thing to watch is the…
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