Progress in reducing gas flaring resumed in 2022, with gas flared worldwide falling by 5 billion cubic meters (bcm) to 139 bcm, its lowest level since 2010, according to new satellite data compiled by the World Bank's Global Gas Flaring Reduction Partnership (GGFR).

A new joint assessment released today by the Government of Ukraine, the World Bank Group, the European Commission, and the United Nations, estimates that the cost of reconstruction and recovery in Ukraine has grown to US $411 billion (equivalent of €383 billion).

This event is timely. I’m going to speak about how the World Bank Group is strengthening our delivery of Private Capital Facilitation—what I’ll call "PCF"—within our operations and knowledge work. These efforts are key to strengthening private sectors, attracting private capital and achieving faster growth.

The global economy’s “speed limit”—the maximum long-term rate at which it can grow without sparking inflation—is set to slump to a three-decade low by 2030. An ambitious policy push is needed to boost productivity and the labor supply, ramp up investment and trade, and harness the potential of the services sector, a new World Bank report shows. 

Domestic food price inflation remains high around the world. Information from the latest month between October 2022 and February 2023 for which food price inflation data are available shows high inflation in almost all low- and middle-income countries, with inflation levels above 5% in 94.1% of low-income countries, 86% of lower-middle-income countries, and 87.0% of upper-middle-income countries and many experiencing double-digit inflation. 

World Bank Group President David Malpass today announced the creation of a new Vice Presidency for Ethics and Internal Justice to reinforce the Bank Group’s culture, promote corporate values, and strengthen the institution’s Ethics and Internal Justice function to better serve staff. Malpass announced that Lisa Rosen, currently Chief Compliance Officer for the Bank of England, has been chosen to fill this new role.

Image provided by the Bank of England.

It is my great pleasure to be here at the UN 2023 Water Conference. Water is the lifeblood of society. We need water for a thriving economy that can run farms, businesses, and factories. We need water for sustainable development—to produce food and deliver low-carbon growth. And we need clean water for healthy children and adults to realize their potential as productive members of society. But today, over 2.3 billion people lack safe drinking water. Global economic cost of water insecurity is nearly $500 billion per year. Our research shows that poor water quality can reduce economic growth by as much as a third.