The Development Economics Group (DEC) increases understanding of development policies and programs by providing intellectual leadership and analytical services to the World Bank and the wider development community. DEC is the premier research and data arm of the World Bank.
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In the latest Commodities Markets Outlook, the World Bank is raising its 2017 forecast for crude oil prices to $55 per barrel from $53 as members of OPEC prepare to limit production after a long period of unrestrained output.
New World Bank flagship notes that there are still around 800 million living on less than $1.90 per day and warns that tackling inequality is vital to meeting the World Bank’s goals of ending poverty and sharing prosperity.
The World Bank is downgrading its 2016 global growth forecast to 2.4% from the 2.9% pace projected in January. The move is due to sluggish growth in advanced economies, stubbornly low commodity prices, weak global trade, and diminishing capital flows.