News

The Republic of Korea’s journey from poverty to prosperity is a great example of IDA's impact. In just six decades, Korea has transformed from one of the world's poorest countries to a global powerhouse.

The global agrifood system presents a huge opportunity to cut almost a third of the world’s greenhouse gas emissions through affordable and readily available actions, while continuing to feed a growing population, according to a new World Bank report. Recipe for a Livable Planet: Achieving Net Zero Emissions in the Agrifood System outlines actions that every country can take.

Global commodity prices are leveling off after a steep descent that played a decisive role in whittling down overall inflation last year, which could make it harder for central banks to cut interest rates quickly, according to the World Bank’s latest Commodity Markets Outlook.

Development Committee members discussed the global macroeconomic and financial impact of current wars and conflicts including the war in Ukraine, the humanitarian crisis in Gaza, as well as the shipping disruptions in the Red Sea.

Domestic food price inflation remains high. Inflation higher than 5% is experienced 57.1% of low-income countries (no change since the last update on April 11, 2024), 63.8% of lower-middle-income countries (no change), 33% of upper-middle-income countries (3.0 percentage points lower), and 12.7% of high-income countries (9.1 percentage points lower).

New financial instruments designed to boost lending capacity and enable the World Bank Group to take on more risk for shared global challenges have received a significant endorsement. A set of 11 countries announced commitments today for the Portfolio Guarantee Platform, hybrid capital mechanism, and new Livable Planet Fund totaling $11 billion.

A coalition of ten MDBs today launched a new co-financing platform that will enable them to channel additional capital for development scale and impact.