Inflation and depleted incomes have raised household indebtedness and food insecurity, it said, urging the IMF and the World Bank to scale up its work to address rising levels of food insecurity and to support countries in achieving Sustainable Development Goal 2 and nutrition for all.
David Malpass said it's also the concern of inequality in terms of vaccinations and median income that's not going up very fast for some countries.
The Washington-based global lender, in its latest South Asia Economic Focus report released ahead of the annual Spring meeting of the World Bank and the International Monetary Fund (IMF), said that the economy was already slowing when the COVID-19 pandemic unfolded.
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.
The National Highways of India carry about 40 per cent of road traffic. However, several sections of these highways have inadequate capacity, weak drainage structures and black spots prone to accidents.
The World Bank on Wednesday approved four India projects worth over USD 800 million to support development initiatives.
The world is experiencing one of the deepest recessions since the Great Depression in the 1930s owing to the novel coronavirus, World Bank President David Malpass has said, terming the COVID-19 pandemic a "catastrophic event" for many developing and the poorest countries.
The World Bank has approved $12 billion in financing to help developing countries buy and distribute coronavirus vaccines, tests, and treatments, aiming to support the vaccination of up to 1 billion people.
The Washington-based global lender, in its latest South Asia Economic Focus report ahead of the annual meeting of the World bank and International Monetary Fund, forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 per cent in 2020, after topping six per cent annually in the past five years.
More than 150 million people may fall into extreme poverty throughout the world by 2021 as a result of the economic contraction caused by the novel coronavirus pandemic, the World Bank said in a report on Wednesday.
In order to increase the production of silk garments across the Valley, the Jammu and Kashmir government is focusing on upgrading the silk factory with new facilities and equipments funded by the World Bank.
In a bid to rejuvenate the Ganga river, the World Bank and the Government of India today signed a loan agreement to enhance support for the Namami Gange programme. The $400 million operation comprises a loan of $381 million and a proposed Guarantee of up to $19 million.
The World Bank on Wednesday said it will give a USD 750 million-budget support to 15 crore MSMEs to increase liquidity access for viable small businesses impacted by COVID-19.
The World Bank on Sunday said its Board of Executive Directors has approved USD 500 million (about Rs 3,700 crore) loan to improve quality and governance of school education in six Indian states.
The global economy is on track to shrink by 5.2 per cent this year amid the COVID-19 pandemic, the deepest recession since the Second World War, the World Bank Group said in its latest Global Economic Prospects.
India's economy will shrink by 3.2 per cent in the current fiscal, the World Bank said on Monday as it joined a chorus of international agencies that are forecasting a contraction in growth rate due to the coronavirus lockdown halting economic activity.
The global economy, which has plunged into a severe contraction, will shrink by 5.2 per cent this year due to the massive shock of the coronavirus pandemic and the shutdown measures to contain it, the World Bank said on Monday.
Digital education for women is not just important, it is a must. Especially now, when we find ourselves confined indoors due to the coronavirus pandemic, it becomes all the more crucial for one to know how to go about life when social distancing is highly advisable. To this regard, some of the worst impacted sections of the society include those who live in rural India and have neither the society's backing to prosper nor the technological or financial resources to be self-reliant (or as we like to term it these days -- Atmanirbhar).
The World Bank has restored Pakistan’s budgetary support after four years and approved a policy loan of USD 500 million to help the cash-strapped country mitigate adverse impact of the coronavirus pandemic, according to a media report.
Abhas Jha, an Indian economist, has been appointed by the World Bank to a key position on climate change and disaster management in South Asia, the global lender said. Jha's appointment comes at a time when Cyclone Amphan has badly hit West Bengal, Orissa in India and Bangladesh.
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