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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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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;

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.

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.
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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;
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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;
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World Bank approves $12 billion for Covid vaccine  

World Bank on Tuesday approved $12 billion for developing countries to finance the purchase and distribution of the&nbsp;Covid-19 vaccine. World Bank group President David Malpass&nbsp;who assured that the financing will help in the testing and treatment of infection, said that the financing aims to support vaccination of up to a billion people. He further said that access to safe and effective vaccines and strengthened delivery system is the key to alter the course of the pandemic. Although vaccines are yet to appear in the market, Malpass&nbsp;said that it was necessary to prepare for the complicated vaccine distribution process. The money is a part of $160 billion World bank Group package which was put together to help the developing countries during the Covid&nbsp;crisis.&nbsp;

World Bank approves $12 billion for Covid vaccine
Financing to help developing countries fight Covid
Package to&nbsp;support vaccination of up to a bn people
Objective is to&nbsp;strengthen vaccine delivery system

World Bank on Tuesday approved $12 billion for developing countries to finance the purchase and distribution of the&nbsp;Covid-19 vaccine. World Bank Group President David Malpass&nbsp;assured that the financing which aims to support the vaccination of up to a billion people will also help in the testing and treatment of infection. He said that access to safe and effective vaccines and a strengthened delivery system is the key to alter the course of the pandemic. The money is a part of the $160 billion World bank Group package which was put together to help the developing countries during the Covid&nbsp;crisis.&nbsp;

world bank group

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