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Global Economic Prospects January 2024 cover page
Global Economic Prospects January 2024 cover page

Global Economy Set for Weakest Half-Decade Performance in 30 Years

As the world nears the midpoint of what was intended to be a transformative decade for development, the global economy is set to rack up a sorry record by the end of 2024—the slowest half-decade of GDP growth in 30 years, according to the World Bank’s latest Global Economic Prospects report.

OMBC

Online Media Briefing Center (OMBC) news for accredited journalists

Highlights

gaza education mena 2024
Feb 21, 2024

The World Bank Group announced a $30 million grant to help ensure the continuity of crucial education for children. A sharp decline in economic activity, including trade, coupled with a lack of clearance revenues since October 2023, has worsened an already acute fiscal crisis, thus severely impacting the delivery of public services.

Photo: World Bank
Feb 19, 2024

Domestic food price inflation remains high. Inflation higher than 5% is experienced in 57.9% of low-income countries (a decrease of 5.3 percentage points since the last update on February 1, 2024), 71.7% of lower-middle-income countries (2.2 percentage points lower), 48% of upper-middle-income countries (no change), and 45.5% of high-income countries (1.1 percentage points higher).

Healthcare worker wearing mask in hospital
Dec 22, 2023

The Pandemic Fund—a multi-stakeholder partnership—provides a dedicated stream of additional, long-term grant financing to strengthen critical pandemic prevention, preparedness, and response (PPR) capacities and capabilities in low- and middle-income countries. It has mobilized $2 billion to date from 24 sovereign contributors and three philanthropies.

Remittances
Dec 18, 2023

Remittances to low- and middle-income countries (LMICs) grew an estimated 3.8% in 2023, a moderation from the high gains of the previous two years. Of concern is the risk of decline in real income for migrants in 2024 in the face of global inflation and low growth prospects, according to the World Bank’s latest Migration and Development Brief released today.

Children sitting on beach in Tongoa Island, Vanuatu after Tropical Cyclone Harold hit in April 2020
Feb 01, 2024

The World Bank today approved a suite of groundbreaking tools to help developing countries better respond to crises and strengthen preparedness for future shocks. These new tools will further expand the Crisis Preparedness and Response Toolkit unveiled recently, empowering nations in a world where crises have become the “new normal,” driving impactful development, and ultimately contributing to creating a world free of poverty on a livable planet.

Libya RDNA Report Cover MENA 2023 for homepage
Jan 24, 2024

Reconstruction and recovery needs following the catastrophic flooding in eastern Libya last September are estimated at $1.8 billion, according to a new report released today by the World Bank, the United Nations, and the European Union. The disaster impacted approximately 1.5 million people – 22 per cent of Libya’s population – living in the coastal and inland cities that were hardest hit.

IDR 2023 report cover
Dec 13, 2023

Amid the biggest surge in global interest rates in four decades, developing countries spent a record $443.5 billion to service their external public and publicly guaranteed debt in 2022, the World Bank’s latest International Debt Report shows.

Gaza MENA December 2023
Dec 12, 2023

As part of an overall $35 million package of support, the World Bank announced $20 million in new financing to provide emergency relief for the affected people of Gaza. This includes $10 million in new financing for food vouchers and parcels, approved by the World Bank board of Directors, that will reach an estimated 377,000 people.