Rapid economic growth in developing APEC economies, especially in East Asia, has propelled unparalleled poverty reduction over the past decades. Since 1990, the number of people living in extreme poverty was reduced by over 1.3 billion. More than three quarters of those escaping extreme poverty were in the East Asia Pacific region.
Domestic food price inflation remains high. Inflation higher than 5% is experienced in 52.4% of low-income countries, 88.6% of lower-middle-income countries, and 61% of upper-middle-income countries and many experiencing double-digit inflation.
The world is fraught with profound forces and rapid changes. We face declining progress in our fight against poverty, an existential climate crisis, food insecurity, fragility, a fledgling pandemic recovery, and are feeling the effects of conflicts beyond the front.
Morocco and the World Bank have partnered on landmark initiatives, including: Noor Solar, Africa’s largest solar plant; rehabilitation of the Fez Medina - the World Bank’s first cultural heritage program; the National Human Development Initiative; Morocco’s first green bond; its first private equity fund, and much more.
Unprecedented challenges demand urgent action and innovative solutions. The World Bank’s new vision and playbook for development were unveiled at last week’s Annual Meetings in Marrakech.
The World Bank is bolstering its collaboration with nine Multilateral Development Banks (MDBs) to fast-track solutions that can change the lives of people in developing countries.
Latest regional economic updates including the latest growth forecasts for East Asia and the Pacific, Europe and Central Asia, Latin America and the Caribbean, Middle East and North Africa, South Asia, and Sub-Saharan Africa.
The world is much different than it was when the World Bank was founded. We face declining progress in our fight against poverty, an existential climate crisis, food insecurity, fragility, a fledgling pandemic recovery, widening disparity, and a crippling war on the borders of Europe.
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