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BEIRUT, May 23, 2024 (AFP) – A third of Lebanese people are impoverished with poverty rates tripling in a decade, the World Bank said Thursday, as the country grapples with years of economic meltdown and war in the south. One in every three Lebanese “was poverty-stricken in 2022,” the World Bank said in a report covering about 60 percent of the country’s population. The institution could not access data from the eastern Hermel region or […]
DUBAI, Dec 1, 2023 (AFP) – The World Bank will “operate” an ambitious new climate change fund, but donors and recipients will likely control how the money is actually spent, the head of the development lender said Friday. More than $400 million has been pledged initially to the new “loss and damage” fund for countries impacted by climate change since it was approved by nations attending the UN’s COP 28 climate summit in Dubai on […]
By Robbie COREY-BOULET and Haitham EL-TABEI RIYADH, Oct 24, 2023 (AFP) – The Gaza war raging between Israel and Hamas could deal a heavy blow to the global economy, banking titans told a glitzy investment forum in Saudi Arabia on Tuesday. The dour mood from some of the gathering’s most high-profile speakers underscored how the conflict threatens attempts by the world’s biggest oil exporter to diversify its economy away from fossil fuels. Hamas militants who […]
https://youtu.be/RV7AVJxTqdQ World Bank on 07June issued a new forecast for the global economy, showing that global growth is expected to slump from 5.7 percent in 2021 to 2.9 percent in 2022— significantly lower than the 4.1 percent that was anticipated in January. Compounding the damage from the COVID-19 pandemic, the Russian invasion of Ukraine has magnified the slowdown in the global economy, which is entering what could become a protracted period of feeble growth […]
Major international organizations issued an appeal Wednesday for urgent measures to deal with rising food insecurity in poor countries, including financing to support farmers and increase food supplies. The Russian invasion of Ukraine, and Western sanctions on Moscow, have sent energy and food prices soaring in recent weeks, while rising natural gas prices also have impacted fertilizer production, which in turn hurts farmers. “It is critical to quickly provide support for food insecure countries in a coordinated manner,” […]
