In a statement on Wednesday, World Bank said that its President Robert B Zoellick has announced that he would step down at the end of a five-year term in which a transformed Bank played an historic role during the global economic crisis, using record replenishments to provide more than $247 billion to help developing countries boost growth and overcome poverty.
'Re-electing Jim Yong Kim will allow the World Bank to continue to build on important initiatives and reforms.'
In all, worldwide remittances -- including those to high-income countries -- will reach $406 billion in the current calendar year.
'Calibrated depreciation will help rebalance external fundamentals, offset some of the tariff differentials with competitors, improve the competitiveness of domestic substitutes vis-a-vis Chinese imports, and contribute to the easing of financial conditions at a time when the inflation rate is unusually low,' explains Sajjid Z Chinoy, head of Asia Economics at JP Morgan.
Learning from East Asia, India must reform its district administration with performance, accountability, and vision to achieve the goal of Viksit Bharat, points out Deepak Mishra.
India attracted a major chunk of the record $40.1 billion capital that flowed into South Asia in 2006, but restrictive policies could stunt investment growth leading to slower economic expansion, the World Bank warned in a report.
India's equity markets may have expanded rapidly, but initial public offerings (IPOs) are increasingly becoming exit vehicles for early investors rather than as engines for raising long-term capital, a shift that undermines the spirit of public markets, Chief Economic Advisor V Anantha Nageswaran warned on Monday at a CII event.
Global warming can cause extreme floods and droughts and can mean snowfall is replaced by rain, with higher evaporation rates.
A feature of this year's BRICS summit was economic cooperation.
India will argue for Pakistan's return to the Financial Action Task Force (FATF) grey list due to its alleged failure to combat money laundering and terror financing. The move comes after recent tensions between the two countries following a terror attack in Pahalgam, India. India believes Pakistan has not adequately addressed the issue of terrorism emanating from its territory and has diverted funds from multilateral agencies towards arms purchases.
Once a quiet riverside ritual, Dev Deepawali has evolved into UP's largest soft-power spectacle -- merging faith, art, enterprise into a global cultural brand that reflects state's growing confidence.
Emerging markets facing 5th year of slow growth: World Bank.
Elaborating on the reasons behind the expected slowdown in the country's economic growth, the multilateral lending agency said it 'stems from a moderation in domestic demand, as elevated inflationary pressures have cut into disposable incomes and household spending'.
Sanctioning Russian oil would have led to a sharp surge in oil prices to above $80 per barrel levels, which would impact pump prices in the US ahead of midterm elections next year.
The two countries will also account for almost half the global manufacturing investment.
...compared with 153,000 in all of 2024.
As a result, the global investment in developed countries will triple in the next two decades.
India's economy is estimated to contract by 9.6 per cent in the fiscal year 2020-21, reflecting a sharp drop in household spending and private investment, and the growth is expected to recover to 5.4 per cent in 2021, the World Bank said on Tuesday. In its Global Economic Prospects report, the World Bank said that the informal sector, which accounts for four-fifths of employment, has been subject to severe income losses during the COVID-19 pandemic.
Assessing where their funds are flowing gives traders a hidden edge in predicting the market direction and momentum.
Subramanian recommended five ways of financing additional expenditure over a period of one year, including cutting expenditure and borrowing directly from the RBI or monetising debt.
The danger today, he said, is no longer, fortunately, one of a collapsing world economy. The danger today is one of complacency.
The World Bank has approved a $1.5 billion loan for the ambitious clean India campaign.
'An asset must generate income. Equities yield dividends, bonds pay coupons, deposits give interest, and real estate earns rent.' 'Gold, silver, and even Bitcoin produce no income, they merely store value. So, they should not be compared to productive assets.'
The slowdown in global remittance flows that became evident in the last quarter of 2008 has continued in the first half of 2009. However, South Asian countries like India, Pakistan and Bangladesh have continued to post strong growth till now because of remittances from the Gulf region.
Jim Yong Kim, president of the International Bank for Reconstruction and Development concluded his three-day visit to India on Wednesday.
East Asia's emerging economies are projected to grow by 6 per cent this year as policy makers face the delicate challenge of responding to a reduced pace of global trade expansion, the World Bank said on Wednesday.
While UIDAI has given a nod for face authentication, banks need to join the process.
India's gross domestic product (GDP) can grow at seven per cent or more, provided the process of reforms is expedited, the World Bank has said.
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
The revised projection comes after a 17% rise in the April-June.
'The danger is that when the music stops, the fall will be sudden, faster, and deeper than anyone expects,' warns Debashis Basu.
In India, economic activity slowed substantially in 2019, with the deceleration most pronounced in the manufacturing and agriculture sectors, whereas government-related services sub-sectors received significant support from public spending, the Bank said.
Amid US-China trade tensions and economic vulnerabilities, India must seize the 'China +1' opportunity, deepen reforms, secure FTAs, and globalise its firms for long-term growth, suggests Ajay Shah.
World Bank President Robert Zoellick on Friday said India is likely to return to high growth of 8 to 9 per cent in a year or two, helped by strong fiscal and monetary actions to counter the global financial crisis.
What appeared to be a generous act of friendship was, in truth, a manoeuvre within a much larger strategic game. The United States used the 1962 war not just to aid India but to test how far it could be pulled into the Western fold, points out Dr Kumar.
With this India will continue to retain the position of being the fastest growing emerging economy. And by 2021, its growth rate is projected to be 1.5 per cent more than China's 6 per cent.
India is on track to register its entire 1.25 billion population using its Aadhaar digital ID.
The government should use interest rates for more than administrative measures to handle economic growth in the long term.
Disparities in productivity levels across firms within manufacturing sectors is wider in India than in China, Mexico, Russia and Korea, said Mark Dutz, World Bank Senior Economist and editor of the report -- Unleashing India's Innovation.
