FOREX TradingCharts.com

Financial News: World Bank Downgrades Global Growth Outlook On Ukraine

World Bank Downgrades Global Growth Outlook On Ukraine War

04/19/2022 - 06:25:00 (RTTNews)

(RTTNews) - The World Bank has lowered its forecast for global economic growth this year citing the impact of the war in Ukraine, World Bank President David Malpass said on Monday.

The global growth outlook was reduced to 3.2 percent from 4.1 percent, Malpass told reporters in a conference call.

The downgrade largely reflects the weaknesses seen in Europe and central Asia, which cover Russia and Ukraine, he said.

Forecasts for advanced and many developing economies were also lowered because of high inflation caused by the supply-chain disruption after Russia's invasion of Ukraine.

The World Bank mobilized nearly $1 billion in emergency financing for Ukraine, and announced another $1.5 billion to support essential government services, the top official said.

Given the economic stress faced by global economies, Malpass said the lender is planning to mobilize a new 15-month crisis response envelope of $170 billion, with about $50 billion to be committed over the next three months.

This is a continued, massive crisis response given the continuation of the crisis, said Malpass. Helping this effort was the front loading of IDA19, which is an initiative to provide funding support to the world's poorest and most vulnerable countries.

"We'll be starting IDA20 on July 1, making $93 billion available to IDA countries, the poorest", he added.

The World Bank president observed that the debt crisis is expected to continue to worsen this year.

Further, Malpass urged the international community to immediately step up emergency assistance for food insecurity and help bolster social safety nets.

Malpass's conference call was held on the sidelines of the Spring Meetings of the International Monetary Fund and World Bank Group between April 18 and 23.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2022 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Hong Kong Exports Recover In April (16 min(s), 44 sec(s) ago)
(RTTNews) - Hong Kong's merchandise exports and imports recovered in April, data from the Cens ...Full Story»

Turkey Economic Confidence Improves In May (22 min(s), 44 sec(s) ago)
(RTTNews) - Turkey's economic confidence improved in May, survey results from the Turkish Stat ...Full Story»

Singapore Industrial Production Rises At Faster Pace (26 min(s), 44 sec(s) ago)
(RTTNews) - Singapore's industrial production increased at a faster pace in April, data from t ...Full Story»

Bank Of Korea Raises Key Rate For Second Straight Time (03 hr(s), 37 min(s), 44 sec(s) ago)
(RTTNews) - The Bank of Korea lifted its key interest rate by a quarter point for the second strai ...Full Story»

European Economics Preview: Italy Business Confidence Data Due (04 hr(s), 37 min(s), 44 sec(s) ago)
(RTTNews) - Business and consumer confidence survey results from Italy are due on Thursday, headli ...Full Story»

South Korea Rate Decision Due On Thursday (49 min(s), 16 sec(s) ago)
(RTTNews) - The Bank of Korea will wrap up its monetary policy meeting on Thursday and then announ ...Full Story»

Fed Minutes Hint At More 50 Basis Point Interest Rate Hikes (20 min(s), 16 sec(s) ago)
(RTTNews) - With inflation remaining stubbornly elevated, the minutes of the Federal Reserve's ...Full Story»

Latvia Unemployment Rate Rises In Q1 (06 min(s), 16 sec(s) ago)
(RTTNews) - Latvia's jobless rate increased in the first quarter, after falling in the previou ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Hong Kong Exports Recover In April

05/26/2022 - 06:54 AM (RTTNews)
(RTTNews) - Hong Kong's merchandise exports and imports recovered in April, data from the Cens ...Full Story>>

Turkey Economic Confidence Improves In May

05/26/2022 - 06:48 AM (RTTNews)
(RTTNews) - Turkey's economic confidence improved in May, survey results from the Turkish Stat ...Full Story>>

Singapore Industrial Production Rises At Faster Pace

05/26/2022 - 06:44 AM (RTTNews)
(RTTNews) - Singapore's industrial production increased at a faster pace in April, data from t ...Full Story>>

Bank Of Korea Raises Key Rate For Second Straight Time

05/26/2022 - 03:33 AM (RTTNews)
(RTTNews) - The Bank of Korea lifted its key interest rate by a quarter point for the second strai ...Full Story>>

European Economics Preview: Italy Business Confidence Data Due

05/26/2022 - 02:33 AM (RTTNews)
(RTTNews) - Business and consumer confidence survey results from Italy are due on Thursday, headli ...Full Story>>

Do not sell my personal information

Copyright © 2022. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.