Output to remain below pre-COVID trends despite robust rebound by US and China WASHINGTON, June 8, 2021 — The global economy is expected to expand 5.6% in 2021, the fastest post-recession pace in 80 years, largely on strong rebounds from a few major economies. However, many emerging market and developing economies continue to struggle with the COVID-19 […]
By David Malpass The COVID-19 pandemic has hit the poorest and most vulnerable people in developing countries the hardest, worsening inequality and exacerbating existing challenges—insufficient health care systems, education deficits, stagnant incomes, rising conflict and violence, poorly-selected debt contracts, and climate change. Unfortunately, the delays in beginning the vaccination process in developing countries are deepening global inequality […]
WASHINGTON, May 25, 2021 – The World Bank Board of Executive Directors approved today a US$100 million COVID-19 Response and Recovery Development Policy Loan for The Bahamas. The operation will support the country’s efforts to provide COVID-19 relief and lay the foundation for a resilient economic recovery. “The COVID-19 pandemic came on the heels of the devastation […]
Low- and Middle-Income Countries Received $540 billion in 2020, $8 Billion Less Than in 2019 WASHINGTON, May 12, 2021 — Despite COVID-19, remittance flows remained resilient in 2020, registering a smaller decline than previously projected. Officially recorded remittance flows to low- and middle-income countries reached $540 billion in 2020, just 1.6 percent below the 2019 total […]
Study Finds One-Third of Economic Activity Occurs Outside Governments’ Line of Sight WASHINGTON, May 11, 2021—A strikingly large percentage of workers and firms operate outside the line of sight of governments in emerging market and developing economies (EMDEs)—a challenge that is likely to hold back the recovery in these economies unless governments adopt a comprehensive […]
WASHINGTON, April 12, 2021 – The World Bank disbursed US$20 million to support the Government of Saint Vincent and the Grenadines’ response to the crisis posed by the La Soufrière volcano eruption. The explosive eruption began on April 8 and has required the evacuation of 20,000 people from the high-risk zones around the volcano, both to other […]
WASHINGTON, March 29, 2021 — Latin America and the Caribbean (LAC) suffered more health and economic damage from the COVID 19 pandemic than any other region, although there is potential for significant transformation in key sectors as the region begins to rebound, according to a new World Bank Report. Because of the pandemic, Gross Domestic Product […]
Economic and social impact of COVID-19 pandemic reinforcing gender inequalities WASHINGTON, February 23, 2021 – Countries are inching toward greater gender equality, but women around the world continue to face laws and regulations that restrict their economic opportunity, with the COVID-19 pandemic creating new challenges to their health, safety, and economic security, a new World Bank […]
WASHINGTON, February 16, 2021 — The World Bank’s Board of Executive Directors approved additional financing of US$10 million for the ongoing Jamaica Foundations for Competitiveness and Growth Project. The additional financing will be used to scale up support for the Government of Jamaica’s business climate reform agenda and contribute to Jamaica’s economic recovery by improving the business environment. […]
