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It further said global growth is projected to hold steady at 2.6 per cent in 2024 before edging up to an average of 2.7 per cent in 2025-26

India fastest growing economy, to clock 6.7% growth over 3 years: World Bank

It further said global growth is projected to hold steady at 2.6 per cent in 2024 before edging up to an average of 2.7 per cent in 2025-26

India will remain the fastest-growing major economy recording a steady growth of 6.7 per cent in the next three years including the current financial year, said a world bank report released on Tuesday. The report highlights that India's growth is projected to reach 8.2% in the fiscal year 2023-24, spanning from April 2023 to March 2024. This figure is 1.9 percentage points higher than the World Bank's January estimate. Globally, growth is expected to remain stable at 2.6% in 2024 and then slightly increase to an average of 2.7% in 2025-26. However, these projections are below the pre-COVID-19 decade average of 3.1%. Also read/watch - <a title="Zomato to invest ₹300 cr into Blinkit amid rising competition" href="https://www.editorji.com/business-news/zomato-to-invest-300-cr-into-blinkit-amid-rising-competition-1718105788326">Zomato to invest ₹300 cr into Blinkit amid rising competition</a>
"The forecast implies that over the course of 2024-26 countries that collectively account for more than 80 per cent of the world's population and global GDP would still be growing more slowly than they did in the decade before COVID-19," it said.
Growth in the South Asia (SAR) region is projected to slow from 6.6 per cent in 2023 to 6.2 per cent in 2024, mainly due to a moderation of growth in India from a high base in recent years.
With steady growth in India, regional growth is forecast to stay at 6.2 per cent in 2025-26. Among the region's other economies, growth is expected to remain robust in Bangladesh, though at a slower rate than in the past several years, and to strengthen in Pakistan and Sri Lanka.

The World Bank's South Asia Development Update projects a robust 7.5% growth for the Indian economy in 2024, contributing to the region's strong overall growth forecast of 6.0%.

World Bank raises India’s FY24 growth forecast to 7.5% from 6.3% earlier

The World Bank's South Asia Development Update projects a robust 7.5% growth for the Indian economy in 2024, contributing to the region's strong overall growth forecast of 6.0%.

The Indian economy is projected to grow at 7.5% in 2024, the World Bank has said, revising its earlier projections for the same period by 1.2%.
Overall, growth in South Asia is expected to be strong at 6.0% in 2024, driven mainly by robust growth in India and recoveries in Pakistan and Sri Lanka, the World Bank said in its latest South Asia Development Update on Tuesday.
According to the report, South Asia is expected to remain the fastest-growing region in the world for the next two years, with growth projected to be 6.1% in 2025.
&ldquo;In India, which accounts for the bulk of the region&rsquo;s economy, output growth is expected to reach 7.5% in FY23/24 before returning to 6.6% over the medium term, with activity in services and industry expected to remain robust,&rdquo; the bank said in its report. In Bangladesh, output is expected to rise by 5.7% in FY24/25, with high inflation and restrictions on trade and foreign exchange constraining economic activity.
Following the contraction in FY22/23, Pakistan&rsquo;s economy is expected to grow by 2.3% in FY24/25 as business confidence improves. In Sri Lanka, output growth is expected to strengthen to 2.5% in 2025, with modest recoveries in reserves, remittances, and tourism.
&ldquo;South Asia&rsquo;s growth prospects remain bright in the short run, but fragile fiscal positions and increasing climate shocks are dark clouds on the horizon,&rdquo; said Martin Raiser, World Bank Vice President for South Asia. &ldquo;To make growth more resilient, countries need to adopt policies to boost private investment and strengthen employment growth,&rdquo; he said.
&ldquo;South Asia is failing right now to fully capitalize on its demographic dividend. This is a missed opportunity,&rdquo; said Franziska Ohnsorge, World Bank Chief Economist for South Asia.
If the region employed as large a share of the working-age population as other emerging markets and developing economies, its output could be 16% higher, Ohnsorge said.
In India, the World Bank said, economic activity surprised on the upside in 2023Q4, with growth of 8.4% from a year ago. &ldquo;The expansion was supported by rapid increases in investment and government consumption. More recent survey data point to continued strong performance,&rdquo; it said.
In February, India&rsquo;s composite purchasing managers index (PMI) stood at 60.6, well above the global average of 52.1 (a value above 50 indicates expansion). Growth in FY2023/24 is estimated to have exceeded earlier forecasts, it said.
According to the report, in India, inflation has remained within the Reserve Bank of India&rsquo;s 2&ndash;6% target range since a spike in mid-2023, and the policy rate has remained unchanged since February 2023. Food price inflation has been elevated, partly reflecting a weak harvest due to El Ni&ntilde;o, it said.
Financial conditions in India have remained accommodative. Domestic credit issuance to the commercial sector (including public and private borrowers) grew by 14% (year-on-year) in December 2023, the fastest pace since 2013. Financial soundness indicators continued to improve. The nonperforming-loan ratio fell to 3.2% last year, well below its recent peak, in March 2018, of about 11%.
Regulatory capital totalled 17% of bank assets in the second quarter of 2023, surpassing both regulatory requirements and peer averages. FDI as a share of GDP fell in 2023, but a rebound in foreign portfolio investment inflows in FY2023/24 contributed to foreign reserves rising 8% in the year to January 2024, reaching a level sufficient to cover about 11 months of imports, the World Bank report said.
&ldquo;In India, output growth is projected to reach 7.5% in FY2023/24 on the back of robust growth in Q3 of FY2023/24. Growth is expected to moderate to 6.6% in FY2024/25 before picking up in subsequent years as a decade of robust public investment yields growth dividends,&rdquo; the bank said.
The expected slowdown in growth between FY2023/24 and FY2024/25 mainly reflects a deceleration in investment from its elevated pace in the previous year, it said. &ldquo;Growth in services and industry is expected to remain robust, the latter aided by strong construction and real estate activity. Inflationary pressures are expected to subside, creating more policy space for easing financial conditions,&rdquo; it said.
&ldquo;Over the medium term, the fiscal deficit and government debt are projected to decline, supported by robust output growth and consolidation efforts by the central government,&rdquo; the report said. Also Watch:<a href="https://www.editorji.com/business-news/economy/india-s-manufacturing-pmi-soars-to-highest-level-since-2008-hiring-ramped-up-1712042416834"> India's manufacturing PMI soars to highest level since 2008; hiring ramped up</a>

An important contributing factor for the rise in remittance was declining inflation and strong labour markets in high-income source countries, which boosted remittances from skilled Indians in the United States, United Kingdom, and Singapore

Remittances towards India remain the highest; rises 12.3% to $125 billion in 2023: World Bank

<h2>An important contributing factor for the rise in remittance was declining inflation and strong labour markets in high-income source countries, which boosted remittances from skilled Indians in the United States, United Kingdom, and Singapore</h2>

The remittances into India continue to be the highest. In 2023 rose 12.3% to $125 billion, according to estimates released by the World Bank. This accounts for 3.4% of India's total gross domestic product. The remittances are expected to go over its previous estimates by $14 billion in 2023. In 2022, India's inward remittances stood at $111.22 billion.&nbsp;
India is followed by Mexico that received $67 billion and China whose remittance accounts ford $50 billion.&nbsp;
<h3>Inward Remittance</h3>
The growth in remittances in India has also pushed the inward remittances in South Asia. In the last 10 years the inward remittances to India have jumped 78.5%. In 2013, they stood at $70.38 billion. They crossed the $100 billion mark in 2022 when the inward remittances jumped 24.4% to $111.22 billion.
Also Read: <a href="https://www.editorji.com/business-news/personal-finance/63-of-taxpayers-choose-old-tax-regime-report-1702383232934">63% of taxpayers choose old tax regime: Report</a>
According to the data, the growth of remittances was highest in Latin America and the Caribbean (8%), followed by South Asia (7.2%) and East Asia and the Pacific (3%). India holds about 66% of all remittances to South Asia, higher than 63% in 2022.
In 2023, the total remittances to low and middle income countries also grew an estimated 3.8% while the World Bank has said that &nbsp;it is expected to soften to 3.1% &nbsp;in 2024. The dip is due to the risk of a decline in real income for migrants in the face of global inflation and low growth prospects.
<h3>Rising Remittance - Factors</h3>
An important contributing factor was declining inflation and strong labour markets in high-income source countries, which boosted remittances from skilled Indians in the United States, United Kingdom, and Singapore.
The higher inflow from Gulf Cooperation Council (GCC), especially the United Arab Emirates, which accounts for 18% of India's total remittances, the second-largest source after the United States is another factor for the rise in remittance.
"Remittance flows to India benefited particularly from its February 2023 agreement with the United Arab Emirates for establishing a framework to promote the use of local currencies for cross-border transactions and cooperation for interlinking payment and messaging systems," the report said.
The low remittance cost in South Asia is also a reason for the rise in remittance.&nbsp;

World Bank President Ajay Banga praised India's digital infrastructure and the ease it brings to people's lives

World Bank president Ajay Banga optimistic about India's economy

World Bank President Ajay Banga praised India's digital infrastructure and the ease it brings to people's lives

Ajay Banga, the President of the World Bank, expressed his optimism about India and its economy. Banga said that he is more positive about India now than he has been in a long time.&nbsp;
During the third G20 Finance Ministers and Central Bank Governors meeting, Banga, the first-ever Indian-American to lead the prestigious global financial institution, commended India for its remarkable digital infrastructure initiatives.
"I am more optimistic about India, as a whole, economically, than I have been for a long time," said Banga, acknowledging the challenging state of the global economy. Despite surpassing expectations, he warned that the world economy is expected to face increasing challenges in the coming year, as projected by the International Monetary Fund (IMF) and the World Bank.
India's GDP growth exceeded all expectations, with a 6.1% expansion in the last quarter of the previous fiscal year, according to government data released in May 2023. This robust performance contributed to an annual growth rate of 7.2% in FY23.
Ajay Banga also pointed out that the digitization of infrastructure has enabled the creation of innovative applications that offer easy online access to various services.&nbsp;
India's progress in digitization extends beyond lending, with the nation focusing on building a comprehensive digital infrastructure over the past two decades.

Funds granted by World Bank will help India meets its goal of net zero by 2070 in a more effective manner 

World Bank approves $1.5 bn for India's clean energy transition

Funds granted by World Bank will help India meets its goal of net zero by 2070 in a more effective manner&nbsp;

The World Bank granted $1.5 billion in financing to accelerate India's adoption of low-carbon energy.
The financing is anticipated to assist India in promoting low-carbon energy by boosting renewable energy production, creating green hydrogen, and encouraging climate finance for low-carbon energy investments.
India's energy consumption per person is only one-third of the global average but as the economy grows India's energy demand is anticipated to increase quickly.
To meet India's aim of being net-zero by 2070 while providing energy to the growing demand it is required to phase out fossil-based energy sources and implement greener ways to generate energy&nbsp;
In addition to accelerating the transition to low-carbon power, scaling up the production of renewable energy will foster the formation and growth of the green hydrogen industry.
&ldquo;The program will support the successful implementation of the National Green Hydrogen Mission that aims to stimulate $100 billion in private sector investment by 2030,&rdquo; said Auguste Tano Kouame, World Bank Country Director for India. He adds, "the World Bank remains committed to supporting India&rsquo;s low-carbon transition by complementing public financing and enabling private sector investments.&rdquo;

World Bank and International Monetary Fund spring meetings are taking place in Washington, D.C., and participants from both organisations will have enough to talk about given the slew of problems afflicting the global economy

World Bank, IMF spring meetings to get underway in complex economic environment

World Bank and International Monetary Fund spring meetings are taking place in Washington, D.C., and participants from both organisations will have enough to talk about given the slew of problems afflicting the global economy

The World Bank and International Monetary Fund's spring meetings get underway later this week with an ambitious reform and fundraising agenda likely to be overshadowed by concerns over high inflation, rising geopolitical tension and financial stability.
'Growth remains historically weak now and in the medium term,' IMF managing director Kristalina Georgieva said during a speech last week.
The fund now expects global growth to fall below 3% this year, and to remain at close to 3% for the next half a decade its lowest medium-term prediction since the 1990s.
Close to 90% of the world's advanced economies will experience slowing growth this year, while Asia's emerging markets are expected to see a substantial rise in the economic output with India and China predicted to account for half of all growth, Georgieva said.
Low-income countries are expected to suffer a double shock from higher borrowing costs and a decline in demand for their exports, which Georgieva said could fuel poverty and hunger to increase
Tackling inflation remains a priority
&nbsp;This year's spring meeting will be held against the backdrop of high inflation and ongoing concerns about the health of the banking sector following the dramatic collapse of Silicon Valley Bank.
Ahead of the spring meetings, the IMF and World Bank also called on wealthier countries to help plug a $1.6-billion hole in a concessional lending facility for low-income countries that was heavily used during the Covid-19 pandemic.
Many low-income countries are now facing mounting debt burdens due in part to the higher interest-rate environment.
US pushes for World Bank reforms
The spring meeting also provides an opportunity to make progress on an ambitious US-backed agenda to reform the World Bank so it is better prepared to tackle long-term issues like climate change.

World Bank has put the cost of Ukraine's recovery and rebuilding from Russia's invasion at $411 billion over the next decade. The cost of cleaning up alone stands at $5 billion

World Bank estimates $411 billion over the next decade, to rebuild Ukraine 

World Bank estimates $411 billion to rebuild Ukraine over the next decade

World Bank has put the cost of Ukraine's recovery and rebuilding from Russia's invasion at $411 billion over the next decade. The cost of cleaning up alone stands at $5 billion

A World Bank report has put the cost of recovery and rebuilding Ukraine from the Russian invasion at $411 billion over the next decade. The bank has estimated $5 billion just to clean up the rubble.
In a detailed report, World Bank has mentioned that at least 9,655 civilians confirmed dead, including 461 children; nearly 2 million homes damaged; more than one out of five public health institutions damaged; and 650 ambulances damaged or looted.&nbsp; Also read &amp; watch: <a href="https://www.editorji.com/business-news/tesla-s-50-discount-in-china-creates-competitiveness-in-the-key-market-1679558371081">Tesla's 50% discount in China creates competitiveness in the key market</a>
In all, the World Bank calculated $135 billion in direct damage to buildings and infrastructure so far, not counting broader economic damage. The World Bank has said that the Russian invasion has undone 15 years of economic progress in Ukraine.
Ukraine's GDP has gone down by 29%, pushing 1.7 million Ukrainians into poverty.&nbsp;
Ukraine's energy sector has seen the greatest surge in damage recently, as a result of Russia's targeted strikes on the electrical grid and other energy hubs during the winter. Total damage to the energy sector is now five times greater than it was last summer
The World Bank has also added that it is essential to keep Ukraine's government and private business and recovery efforts going even as bombs fall and fighting persists.

The damages due to the devastating earthquakes in Turkey is estimated to be over $34 billion, as per the World Bank. That's equivalent to about 4% of the country's GDP in 2021. 

Turkey earthquake: World Bank estimates the damage cost at $34 bn

The damages due to the devastating earthquakes in Turkey is estimated to be over $34 billion, as per the World Bank. That's equivalent to about 4% of the country's GDP in 2021.&nbsp;

The devastating February 6 earthquake and aftershocks that hit southern Turkey have caused damage worth more than $34 billion in the country, the World Bank said on Monday.
The amount is equivalent to four percent of Turkey's GDP in 2021, the Washington-based institution said, adding that the estimate does not account for the costs of reconstruction that were "potentially twice as large," a statement said. World bank also mentions the Global Rapid Post-Disaster Damage Estimation (GRADE) Report, which focuses on the direct physical damages in T&uuml;rkiye. The GRADE report says that 1.25 million have been rendered temporarily homeless.&nbsp;
On February 9, the World Bank announced an initial package of $1.78 billion to help relief and recovery efforts.&nbsp;
&ldquo;This disaster serves as a reminder of T&uuml;rkiye&rsquo;s high risk to earthquakes and of the need to enhance resilience in public and private infrastructure", said Humberto Lopez, World Bank Country Director for Turkey
The estimate also does not take into account the damage caused in northern Syria, also particularly affected by the earthquakes, with a World Bank estimate of the costs there to be released on Tuesday.
The World Bank warned that the continuing aftershocks are likely to increase the total amount of damage caused by the disaster.

Ajay Banga, former Mastercard CEO nominated by Joe Biden to head World Bank

The president of the Washington-based Bank is typically American, while the leader of the International Monetary Fund is customarily European.

US President Joe Biden on Thursday announced the nomination of former Mastercard chief executive Ajay Banga as a candidate to lead the World Bank, after the development lender's current head announced plans to step down early.
The World Bank has just started accepting candidate nominations in a process set to run until March 29, with the bank saying that women contenders would be "strongly" encouraged.
The president of the Washington-based Bank is typically American, while the leader of the International Monetary Fund is customarily European.
Banga, who is Indian-American, was previously chief executive at Mastercard, and has also served on the boards of the American Red Cross, Kraft Foods and Dow Inc. He currently is vice chairman at private equity firm General Atlantic.
The 63-year-old Sikh was born and raised in India, travelling regularly as a child due to his father's military career, and started his career there before emigrating to the United States. Also Watch: <a href="https://www.editorji.com/tech-news/indian-american-neal-mohan-is-the-new-ceo-of-youtube-1676621813062">Indian-American Neal Mohan is the new CEO of YouTube</a>

After surging 5.3% in post-pandemic 2021, growth in the world's richest economies is likely to slow sharply from 2.5% in 2022 to just 0.5% this year



Global economy 'perilously close' to recession: World Bank

World bank on global economy 

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After surging 5.3% in post-pandemic 2021, growth in the world's richest economies is likely to sharpy slow from 2.5% in 2022 to just 0.5% this year&nbsp;
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</div>

In what comes as a grim warning of the times to come, the World Bank has said that the global economy is "perilously close to falling into recession". It expects the world economy to grow by just 1.7% this year - a sharp decrease from the 3% it predicted in June last year.&nbsp; The report attributes this decline to a number of factors including the repurcussions of Russia's invasion of Ukraine and the impact of the pandemic. With US, Eurozone and China, all undergoing a period of pronounced weakness, the report also says that the effects of higher interest rates will be a key challenge facing policymakers With a forecast of a 6.6% growth for the next fiscal year, World Bank says that India is expected to be the fastest-growing economy of the seven largest emerging markets and developing economies.&nbsp;

India could soon experience heat waves that jeopardize survival: World Bank report

The report also cautioned that rising heat across India can jeopardize economic productivity and that the country may account for 34 million of the projected 80 million global job losses from heat stress by 2030

India could soon experience heat waves jeopardizing survival: World Bank report

The report also cautioned that rising heat across India can jeopardize economic productivity and that the country may account for 34 million of the projected 80 million global job losses from heat stress by 2030

Severe heat waves, responsible for thousands of deaths across India over the last few decades, are increasing with alarming frequency and soon the country could become one of the first places in the world to experience heat waves that break the human survivability limit, according to a new report.
The World Bank report titled "Climate Investment Opportunities in India's Cooling Sector" said the country is experiencing higher temperatures that arrive earlier and stay far longer.
"In April 2022, India was plunged into the grip of a punishing early spring heat wave that brought the country to a standstill, with temperatures in the capital, New Delhi, topping 46 degrees Celsius (oC) (114 degrees Fahrenheit). The month of March, which witnessed extraordinary spikes in temperatures, was the hottest ever recorded", it said.
Also watch: <a href="https://www.editorji.com/world-news/cop-27-un-climate-summit-adopts-loss-and-damage-fund-1668918302810">COP 27: UN climate summit adopts 'loss and damage' fund</a>
The report will be released during the two-day "India Climate and Development Partners' Meet" being organised by World Bank in partnership with the Kerala government here.
Predicting that heat waves situation in India could break the human survivability limit, it said the recent heat wave supports what many climate scientists have long cautioned about with reference to rising temperatures across South Asia.
"In August 2021, the Sixth Assessment Report of the Inter-governmental Panel on Climate Change (IPCC) warned that the Indian subcontinent would suffer more frequent and intense heat waves over the coming decade.
"The G20 Climate Risk Atlas also warned in 2021 that heat waves across India were likely to last 25 times longer by 2036-65 if carbon emissions remain high, as in the IPCC's worst-case emission scenario," the report said.
It also warned that rising heat across India can jeopardize economic productivity.
"Up to 75 percent of India's workforce, or 380 million people, depend on heat-exposed labor, at times working in potentially life-threatening temperatures. ...By 2030, India may account for 34 million of the projected 80 million global job losses from heat stress associated productivity decline", the report said.
It further said India showed the largest heat exposure impacts on heavy labor among South Asian countries, with more than 101 billion hours lost a year.
Analysis by global management consulting firm, McKinsey &amp; Company shows that lost labor from rising heat and humidity could put up to 4.5 per cent of India's GDP &ndash;approximately USD 150-250 billion &ndash; at risk by the end of this decade.
It said India's long-term food security and public health security will depend on a reliable cold chain network.
Transporting food and pharmaceutical goods across India requires a system of cold chain refrigeration that works every step of the way.
"A single temperature lapse in the journey can break the cold chain, spoiling fresh produce and weakening the potency of vaccines. With only 4 per cent of fresh produce in India covered by cold chain facilities, annual estimated food losses total USD 13 billion", it said.
It also noted that the third largest producer of pharmaceuticals in the world, pre-COVID-19, India lost approximately 20 percent of temperature-sensitive medical products and 25 percent of vaccines due to broken cold chains, leading to losses of USD 313 million a year.
"As temperatures rise across India, so will the demand for cooling. However, in a country where two-thirds of the population live on less than USD 2 a day, and where the average cost of an air-conditioning unit can vary between USD 260 and USD 500, air-cooling systems are a luxury available only to a few." According to analysis presented in the India Cooling Action Plan (ICAP), only eight per cent of Indian households own air-conditioning units.
"Indoor and electric fans can help to maintain thermal comfort, but these too are expensive to buy and inefficient. As a result, many poor and marginalized communities across India are more vulnerable to extreme heat, living in inadequately ventilated, hot and crowded homes without proper access to cooling", the report warned.
Staying cool during extreme heat is about more than just comfort &ndash; it can constitute the precarious line between life and death, it added.

World Bank President David Malpass says a "world recession could happen under certain circumstances''

World bank and IMF warn aggressive fight against inflation

World Bank President David Malpass says a "world recession could happen under certain circumstances''

Warning that inflation threatens to become "a runaway train,'' the managing director of the International Monetary Fund urged policymakers to keep up the fight against rising prices even it means more pain at a time of extraordinary economic turmoil.
Speaking to reporters Thursday, the IMF's Kristalina Georgieva said that the world economy "has been hit by one shock after another&Prime; &mdash; the coronavirus pandemic, Russia's invasion of Ukraine and a resurgence of inflation.
Not only this, World Bank President David Malpass also says a "world recession could happen under certain circumstances."
Malpass comments comes as a worse-than-expected report on inflation hit Wall Street Thursday, and stocks are falling toward their weakest levels in almost two years.

A Lebanese parliamentarian on Wednesday entered a bank branch near Beirut, demanding some of her trapped savings to cover medical expenses.
Cash-strapped Lebanon in recent weeks has witnessed a surge in depositors storming bank branches to forcefully withdraw their locked savings as the country's economy continues to spiral. On Tuesday, depositors stormed at least four banks, two of which were armed.
Lebanon's cash-strapped banks have imposed informal limits on cash withdrawals since late 2019. Since then, three-quarters of the population plunged into poverty, and the Lebanese pound lost some 90 per cent of its value against the dollar.
Beirut legislator Cynthia Zarazir entered a Byblos Bank branch near the capital, demanding USD 8,500 from her savings to cover expenses for a surgery.
The reformist lawmaker arrived with a lawyer, and for several hours has been negotiating with the bank branch's management.
“I am a Lebanese citizen demanding my rights in light of this exceptional situation,” Zarazir told the press and bystanders.
Her lawyer Fouad Debs, a member of legal and advocacy group the Depositors' Union, told The Associated Press that negotiations are ongoing, and that she has rejected a “ridiculous” proposal to withdraw her savings in Lebanese pounds at a fraction of its dollar value.
Meanwhile, dozens of protesters scuffled with riot police near at the Central Bank's headquarters in Beirut.
And in Byblos, a man fired an assault rifle at the glass facade of a bank branch, after employees did not let him in without an appointment.
The general public has commended the bank heists, some even hailing the perpetrators as heroes.
Among the most notable cases was Sally Hafez, who last month stormed a Beirut bank branch with a fake pistol and gasoline canister to take some USD 13,000 to fund her 23- year-old sister's cancer treatment.
The banks meanwhile have condemned the angry depositors' actions, and said in a statement Tuesday that the Lebanese government is primarily to blame for the crisis. Last month, the banks closed for a week after at least seven banks were raided, and have since only partially reopened.
Debs, who alongside the Depositors' Union has tried to help depositors unlock their trapped savings, said that the situation is no longer bearable and that Lebanon needs to reform its economy to become viable again.
“What we want is a collective solution which would be through a recovery plan that's fair, comprehensive, transparent, and includes the restructuring of the banks and public debt,” Debs told the AP, adding that the politicians and bankers should be held accountable for the crisis.
Lebanon for over two years has been struggling to reach an agreement with the International Monetary Fund for a bailout program. The country's government and divided parliament have stalled over about a dozen mandatory reforms ever since they reached a tentative agreement in April, including restructuring its banks, implementing formal capital controls, and reforming its outdated bank secrecy laws. The United Nations and IMF have both criticized Lebanon for its sluggish progress.

Explained: Why are customers storming banks in Lebanon 

As Lebanon's economic crisis worsens, depositors are breaking into banks to forcefully withdraw their trapped savings reflecting growing public anger towards banks and govt who have struggled to reform the country's corrupt and battered economy

As Lebanon's economic crisis worsens, depositors are breaking into banks to forcefully withdraw their trapped savings reflecting growing public anger towards banks and govt who have struggled to reform the country's corrupt and battered economy

A Lebanese parliamentarian on Wednesday entered a bank branch near Beirut, demanding some of her trapped savings to cover medical expenses.
Cash-strapped Lebanon in recent weeks has witnessed a surge in depositors storming bank branches to forcefully withdraw their locked savings as the country's economy continues to spiral. On Tuesday, depositors stormed at least four banks, two of which were armed.
Lebanon's cash-strapped banks have imposed informal limits on cash withdrawals since late 2019. Since then, three-quarters of the population plunged into poverty, and the Lebanese pound lost some 90 per cent of its value against the dollar.
Beirut legislator Cynthia Zarazir entered a Byblos Bank branch near the capital, demanding USD 8,500 from her savings to cover expenses for a surgery.
The reformist lawmaker arrived with a lawyer, and for several hours has been negotiating with the bank branch's management.
&ldquo;I am a Lebanese citizen demanding my rights in light of this exceptional situation,&rdquo; Zarazir told the press and bystanders.
Her lawyer Fouad Debs, a member of legal and advocacy group the Depositors' Union, told The Associated Press that negotiations are ongoing, and that she has rejected a &ldquo;ridiculous&rdquo; proposal to withdraw her savings in Lebanese pounds at a fraction of its dollar value.
Meanwhile, dozens of protesters scuffled with riot police near at the Central Bank's headquarters in Beirut.
And in Byblos, a man fired an assault rifle at the glass facade of a bank branch, after employees did not let him in without an appointment.
The general public has commended the bank heists, some even hailing the perpetrators as heroes.
Among the most notable cases was Sally Hafez, who last month stormed a Beirut bank branch with a fake pistol and gasoline canister to take some USD 13,000 to fund her 23- year-old sister's cancer treatment.
The banks meanwhile have condemned the angry depositors' actions, and said in a statement Tuesday that the Lebanese government is primarily to blame for the crisis. Last month, the banks closed for a week after at least seven banks were raided, and have since only partially reopened.
Debs, who alongside the Depositors' Union has tried to help depositors unlock their trapped savings, said that the situation is no longer bearable and that Lebanon needs to reform its economy to become viable again.
&ldquo;What we want is a collective solution which would be through a recovery plan that's fair, comprehensive, transparent, and includes the restructuring of the banks and public debt,&rdquo; Debs told the AP, adding that the politicians and bankers should be held accountable for the crisis.
Lebanon for over two years has been struggling to reach an agreement with the International Monetary Fund for a bailout program. The country's government and divided parliament have stalled over about a dozen mandatory reforms ever since they reached a tentative agreement in April, including restructuring its banks, implementing formal capital controls, and reforming its outdated bank secrecy laws. The United Nations and IMF have both criticized Lebanon for its sluggish progress.

As the threat of a global recession is growing, the World Bank gives a wake up call to governments to help boost supply to ease the constraints behind rising prices. 
The warning comes as consumers around the world are struggling with higher costs for necessities like food, fuel and shelter at the same time as they are shifting spending away from e-commerce back to in-person shopping, dining and travel.
The global delivery firm, FedEx said it was cutting costs including shutting some FedEx Office locations, reducing labor hours and consolidating some sorting facilities.
The company also warned it will likely miss Wall Street’s profit target for its fiscal first quarter that ended Aug. 31. And it said it expects business conditions to further weaken in the current quarter amid weaker global volume.
Inflation worldwide has been rising at the fastest pace seen in decades, due to supply constraints amid high demand as countries emerged from the pandemic. It has been exacerbated this year by the Russian invasion of Ukraine and Covid lockdowns in China. 

The recession risk and reality: World Bank warns, FedEx flags worry 

The World Bank in early June slashed its forecast for global growth to 2.9 percent, more than a full point lower than the estimate in January.&nbsp;

The recession risk and reality : As the threat of a global recession is growing, the World Bank gives a wake up call to governments to help boost supply to ease the constraints behind rising prices.&nbsp;
The warning comes as consumers around the world are struggling with higher costs for necessities like food, fuel and shelter at the same time as they are shifting spending away from e-commerce back to in-person shopping, dining and travel.
The global delivery firm, <a href="https://www.editorji.com/business-news/fedex-appoints-indian-american-raj-subramaniam-as-new-ceo-1648528881091">FedEx</a> earlier said it was cutting costs including shutting some FedEx Office locations, reducing labor hours and consolidating some sorting facilities.
The company also warned it will likely miss Wall Street&rsquo;s profit target for its fiscal first quarter that ended Aug. 31. And it said it expects business conditions to further weaken in the current quarter amid weaker global volume.
Inflation worldwide has been rising at the fastest pace seen in decades, due to supply constraints amid high demand as countries emerged from the pandemic. It has been exacerbated this year by the Russian invasion of Ukraine and Covid lockdowns in China.&nbsp;
Read More:- <a href="https://www.editorji.com/world-news/sri-lanka-economic-crisis-who-loaned-more-money-to-colombo-india-or-china-1663259710877">Sri Lanka economic crisis｜who loaned more money to Colombo: India or China?</a>

World Bank is expecting India's growth train to slowdown as the prolonged impact of Covid pandemic and the ongoing supply shocks from Ukraine and Russia continue to weigh."In India, growth is expected to slow to 7.5 percent in fiscal year 2022/23, with headwinds from rising inflation, supply chain disruptions, and geopolitical tensions offsetting buoyancy in the recovery of services consumption following the pandemic," according to the World Bank's latest Global Economic Prospects report.The bank sees India's growth slowing further to 7.1 percent in FY24 and the next year GDP growth has been pegged at 6.5 percent.The pressure on India's growth comes from a global risk of recession, infact even if that is averted the World Bank states "the pain of stagflation could persist for several years unless major supply increases are set in motion… Several years of above-average inflation and below-average growth are now likely, with potentially destabilising consequences for low- and middle-income economies."

World Bank sharply cuts India GDP growth forecast, raises global recession risk

It had lowered the projection from 8.7% to 8% earlier in April, and it is currently expected to be 7.5%

World Bank is expecting India's growth train to slowdown as the prolonged impact of Covid&nbsp;pandemic and the ongoing supply shocks from Ukraine and Russia continue to weigh. "In India, growth is expected to slow to 7.5 percent in fiscal year 2022/23, with headwinds from rising inflation, supply chain disruptions, and geopolitical tensions offsetting buoyancy in the recovery of services consumption following the pandemic," according to the World Bank's latest Global Economic Prospects report.
Also read/watch|<a title="&nbsp;RBI raises inflation forecast sharply, price pain to remain" href="https://www.editorji.com/business-news/rbi-raises-inflation-forecast-sharply-price-pain-to-remain-1654664762071">&nbsp;RBI raises inflation forecast sharply, price pain to remain</a> The bank sees India's growth slowing further to 7.1 percent in FY24 and the next year&nbsp;GDP growth has been pegged at 6.5 percent. The pressure on India's growth comes from a global risk of recession, in fact&nbsp;even if that is averted the World Bank states&nbsp;"the pain of stagflation could persist for several years unless major supply increases are set in motion&hellip; Several years of above-average inflation and below-average growth are now likely, with potentially destabilising consequences for low- and middle-income economies."

The World Bank upgraded India's growth forecast for the upcoming two financial years even as it portrayed a grim outlook for global economies. The Washington-based agency has raised India's GDP target of FY23 and FY24 to 8.7% and 6.8% respectively. In comparison, China, the rate of growth is expected to drop to 5.1% from 8% last year.The report says in India, the economic damage caused by the second wave has already been unwound with output effectively back to levels reached prior to the pandemic.But the picture is not rosy all across the World Bank warns. “There is there a serious slowdown underway,” Ayhan Kose, the chief economist of the Prospects Group at the institution, said in an interview. The global economy “is basically on two different flight paths: Advanced economies are flying high; emerging-market, developing economies are somewhat flying low and lagging behind.”

World Bank upgrades India GDP forecast but warns global economy faces grim outlook

The report says in India, the economic damage caused by the second wave has already been unwound with output effectively back to levels reached prior to the pandemic.

World Bank upgrades India forecast

The World Bank upgraded India's growth forecast for the upcoming two financial years even as it portrayed a grim outlook for global economies.&nbsp;
The Washington-based agency has raised India's GDP&nbsp;target of FY23 and FY24 to 8.3% and 6.8% respectively. In comparison, China, the rate of growth is expected to drop to 5.1% from 8% last year.
The report says in&nbsp;India, the economic damage caused by the second wave has already been unwound with output effectively back to levels reached prior to the pandemic.
But the picture is not rosy all across as the Chief economist at the prospects group of the World Bank warns&nbsp; PLAY SOT from AP&nbsp; WASHINGTON, DC3. Wide shot, exterior shot of World Bank Group Headquarters10 JANUARY 2022, WASHINGTON, DC4. SOUNDBITE (English) Ayhan Kose, Director, Prospects Group, World Bank: &ldquo;On the surface, advanced economies are slowing, emerging market developing economies are slowing as well, but it is as if these two groups of countries are following different flight paths. Advanced economies are still flying high. By the end of 2023, they're going to go back to their pre-pandemic trend output levels. When you look at emerging market developing economies, they're flying low. At the end of 2023, their output levels are going to be still 4 per cent below what they would have if they didn't have the pandemic in trend terms.&rdquo;&nbsp;

World Bank sees India's GDP growing at 8.3% in FY22, upgrades FY23 forecast

The World Bank upgraded India's growth forecast for the upcoming two financial years even as it portrayed a grim outlook for global economies.&nbsp; The Washington-based agency has raised India's GDP&nbsp;target of FY23 and FY24 to 8.7% and 6.8% respectively. In comparison, China, the rate of growth is expected to drop to 5.1% from 8% last year. The report says in&nbsp;India, the economic damage caused by the second wave has already been unwound with output effectively back to levels reached prior to the pandemic. But the picture is not rosy all across the World Bank warns. &ldquo;There is there a serious slowdown underway,&rdquo; Ayhan Kose, the chief economist of the Prospects Group at the institution, said in an interview. The global economy &ldquo;is basically on two different flight paths: Advanced economies are flying high; emerging-market, developing economies are somewhat flying low and lagging behind.&rdquo;

International Monetary Fund Managing Director Kristalina Georgieva was called out on Thursday by the World Bank, her previous employer, for applying pressure to boost China&rsquo;s position in a ranking of economies.
Her statement comes after the&nbsp;World Bank&nbsp;canceled a prominent report rating the business environment of the world&rsquo;s countries after an investigation concluded that senior bank management pressured staff to alter data affecting the ranking of China and other nations.
Georgieva said she disagreed with the findings, compiled by an outside law firm at the World Bank&rsquo;s direction.
China&rsquo;s position in the 2018 report, released in October 2017, should have been seven places lower -- at No. 85 rather than remaining at 78 -- the World Bank said in a&nbsp;review released&nbsp;in December.
&nbsp;

World Bank discontinues 'Ease Of Doing Business', were the ratings skewed to China?

World Bank discontinues 'Ease Of Doing Business'; were the ratings skewed to China?

World Bank discontinues 'Ease Of Doing Business' reports after probe finds to favour China

The World Bank Group on Thursday announced that it will discontinue its &lsquo;Doing Business&rsquo; reports, an annual flagship report that the international financial institution has been publishing since 2002.
The statement from the group&nbsp;comes after a probe of data irregularities allegedly due to pressure by some top bank officials to boost China's ranking in 2017.&nbsp;
The financial institution remains firmly committed to advancing the role of the private sector in development and providing support to governments to design the regulatory environment that supports this, World Bank said.
&ldquo;Doing Business Report&rdquo; was used to drive policy and regulatory changes favorable to businesses and corporations.
India has improved its ranking by 79 positions in five years (2014-19). In the recent World Bank&rsquo;s ease of doing business 2020 report, India&nbsp;jumped to 63rd position, among 190 nations.

The findings of the investigation revealed that top World Bank leaders, including then-Chief Executive Kristalina Georgieva, applied &ldquo;undue pressure&rdquo; on staff to boost China&rsquo;s ranking in the bank&rsquo;s &ldquo;Doing Business 2018&rdquo; report.

The World Bank Group on Thursday announced that it will discontinue its &lsquo;Doing Business&rsquo; reports, an annual flagship report that the international financial institution has been publishing since 2002.
The statement from the group&nbsp;comes after a probe of data irregularities allegedly due to pressure by some top bank officials to boost China's ranking in 2017.&nbsp;
Also watch:&nbsp;<a title="El Salvador Protest: 'No to Bitcoin' slogan gains traction as President faces backlash" href="https://www.editorji.com/story/el-salvador-protest-no-to-bitcoin-slogan-gains-traction-as-president-faces-backlash-1631857725079">El Salvador Protest: 'No to Bitcoin' slogan gains traction as President faces backlash</a>
The financial institution remains firmly committed to advancing the role of the private sector in development and providing support to governments to design the regulatory environment that supports this, World Bank said..
An explosive report to the Bank&rsquo;s Board of Executive Directors, Investigation of Data Irregularities in Doing Business 2018 and Doing Business 2020, revealed how senior Bank officials applied pressure to manipulate data in order to improve rankings for select countries. The irregularities in Doing Business reports had affected four countries: China; Saudi Arabia; United Arab Emirates; and Azerbaijan as per the report.&nbsp; China had a score of 65.3 with a global ranking of 78, similar to the previous year&rsquo;s. After the corrections in data for indicators like Starting a Business, Getting Credit, and Paying Taxes indicators, China&rsquo;s score fell to 64.5 and global ranking to 85.&nbsp;
&nbsp;

The WHO on Wednesday asked nations to stop administering Covid-19 vaccine booster shots until at least the end of September, flagging the drastic inequity in vaccine distribution between rich and poor nations.
World Health Organization chief said while all governments have the right to protect their people from the Delta variant, but it is unacceptable that countries that have already used most of the global supply of vaccines are using even more of it, while the world&rsquo;s most vulnerable people remain unprotected. The WHO suggests that at least 10% of the population in every country should be vaccinated before govts&nbsp;start considering booster shots.
More than 4.25 billion doses of Covid-19 vaccines have now been administered globally. In countries categorised as high income by the World Bank, 101 doses per 100 people have been injected, while that figure drops to 1.7 doses per 100 people in the 29 lowest-income countries.
Also watch:&nbsp;Covid-19 resurgence in China: infections reported in 35 Chinese cities
The United States has rejected the appeal from the UN health agency for a pause on Covid-19 vaccine booster shots and for rich countries, saying that the US has enough vaccine doses to provide booster shots to people and supply vaccines globally, so there is no need to make that choice.

WHO flags global vaccine inequality, says stop booster shots for Delta variant

WHO asks richer nations to halt giving booster shots for Covid-19 till September, says vaccine inequality among poorer nations is glaring

In countries categorised as high income by the World Bank, 101 doses per 100 people have been injected, while that figure drops to 1.7 doses per 100 people in the 29 lowest-income countries.

The WHO on Wednesday asked nations to stop administering Covid-19 vaccine booster shots until at least the end of September, flagging the drastic inequity in vaccine distribution between rich and poor nations.
World Health Organization chief said while all governments have the right to protect their people from the Delta variant, but it is unacceptable that countries that have already used most of the global supply of vaccines are using even more of it, while the world&rsquo;s most vulnerable people remain unprotected. The WHO suggests that at least 10% of the population in every country should be vaccinated before govts&nbsp;start considering booster shots.
More than 4.25 billion doses of Covid-19 vaccines have now been administered globally. In countries categorised as high income by the World Bank, 101 doses per 100 people have been injected, while that figure drops to 1.7 doses per 100 people in the 29 lowest-income countries.
Also watch:&nbsp;<a href="https://www.editorji.com/story/covid-19-resurgence-in-china-infections-reported-in-35-chinese-cities-1628080791144" target="_blank">Covid-19 resurgence in China: infections reported in 35 Chinese cities</a>
The United States has rejected the appeal from the UN health agency for a pause on Covid-19 vaccine booster shots and for rich countries, saying that the US has enough vaccine doses to provide booster shots to people and supply vaccines globally, so there is no need to make that choice.

The World Bank and the Government of India on Tuesday inked a pact for a $500-million project to build safe and green national highway corridors, the Ministry of Road Transport and Highways said. The highway corridors will be developed in Rajasthan, Himachal Pradesh, Uttar Pradesh and Andhra Pradesh.&nbsp;The Green National Highways Corridors Project will support the&nbsp;construction&nbsp;of 783 km of highways by integrating safe and green technology designs.

India inks $500 mn 'green highway' project with World Bank

The World Bank and the Government of India on Tuesday inked a pact for a $500-million project to build safe and green national highway corridors, the Ministry of Road Transport and Highways said. The highway corridors will be developed in Rajasthan, Himachal Pradesh, Uttar Pradesh and Andhra Pradesh.&nbsp;The Green National Highways Corridors Project will support the&nbsp;construction&nbsp;of 783 km of highways by integrating safe and green technology designs.

The World Bank and the Government of India on Tuesday inked a pact for a $500-million project to build safe and green national highway corridors, the Ministry of Road Transport and Highways said.
The highway corridors will be developed in Rajasthan, Himachal Pradesh, Uttar Pradesh and Andhra Pradesh.
The Green National Highways Corridors Project will support the&nbsp;construction&nbsp;of 783 km of highways by integrating safe and green technology designs&nbsp;such as local and marginal materials, industrial byproducts, and other bioengineering solutions. The project will enhance the capacity of the government&nbsp;in mainstreaming safety and green technologies.

Bangladesh set to overtake India in per capita GDP | BOOM | IMF report 

The IMF has said that India is set to slip below Bangladesh in per capita GDP. Bangladesh will be up 4% than India. What does this mean for Indian economy and what can it potentially lead to? BOOM Explains.
Madan Sabnavis, Chief Economist, CARE Ratings says that IMF Report clearly says that India is one of the worst performing economies globally. The lockdown has had a very negative effect on the economy which gets reflected in the numbers that the IMF, RBI and World Bank are citing. In retrospect it is easier to say we shouldn't have announced a lockdown so soon but it was the sensible thing to do at the time in March.
He also says that when GDP comes down, it encapsulates loss of investments, income, jobs and spending coming down. Even if we grow at 8.5% or 9%, the Indian economy will still go back to 2019 levels. The prospects of consumer demand rising are still low.
Watch BOOM's Govindraj Ethiraj interview Madan Sabnavis on the 5 trillion economy India wants to be and the current economic scenario in India.

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