World Bank warns of ‘stagflation,’ slashes growth forecast
08 June 2022 | 2:39 pm
The agency has warned of the risk of 1970s-style stagflation persisting in the coming years amid soaring commodity prices and low growth. Developing countries are expected to be some of the worst hit.
13 Jun 2020
The World Bank says the global economy is facing its deepest recession since World War II as a result of the coronavirus pandemic. Advanced economies are set to shrink 5 percent, while emerging economies are facing their first contraction in decades. Franziska Ohnsorge, lead author of the 2020 Global Economic Prospects report, tells FRANCE 24 that millions of people working in an informal capacity could slip into poverty despite government support. Also in the show: BP announces plans to slash 10,000 jobs as OPEC extends its oil production cuts.
6 Jul 2020
The World Bank says the collapse in oil prices coupled with the COVID-19 pandemic is expected to plunge the Nigerian economy into a severe economic recession, the worst since the 1980s. Tilewa Adebajo, CEO of CFG Advisory joins CNBC Africa for more.
8 Jul 2020
The World Bank says the outbreak of the COVID-19 pandemic is expected to push five million more Nigerians into poverty this year as the pandemic is threatening the ability of Nigerian households to generate income to meet their basic consumption needs. Bismarck Rewane, CEO of Financial Derivatives joins me from Lagos for this conversation.
President Buhari to scrap NNPC, PPPRA in new PIB bill to National Assembly, World Bank approves $20m stimulus fund for Ekiti and more
28 Sep 2020
Here are a few reasons to pick up a copy of The Guardian on Monday. Find these stories and much more when you grab a copy of The Guardian on Monday.
15 Oct 2020
Extreme poverty is set to rise this year for the first time in more than two decades, with coronavirus expected to push up to 115 million people into that category, the World Bank has said.
EndSARS protests turn violent in Osun, Abuja, World Bank backs FG on petrol subsidy removal and more
9 Oct 2020
Here are a few reasons to pick up a copy of The Guardian on Saturday. Find these stories and much more when you grab a copy of The Guardian on Saturday.
8 Jan 2021
The World Bank has downgraded its previous prediction for global growth in 2021 to 4 percent. The organisation warned of a subdued recovery that could lag even further if countries do not stem the rise in coronavirus infections and effectively deploy vaccines. The European Union is also starting to look ahead to how to spend its recovery fund – with the largest recipient, Italy, on the brink of political crisis.
11 Mar 2021
Coronavirus vaccine rollouts and a huge US stimulus package have boosted economic growth expectations.
11 Jun 2021
The global economy is heading for its strongest – but most uneven – recovery on record. The World Bank has warned that more international cooperation is needed to ensure more equitable distribution of Covid-19 vaccines to help developing economies rebuild. Franziska Ohnsorge, Manager of the Prospects Group at the World Bank, says that vaccinations and economic recovery will go hand in hand. Also in the show: French gyms prepare to reopen after being closed for more than seven months.
12 Jun 2021
The global economy is heading for its strongest - but most uneven - recovery on record. The World Bank has warned that more international cooperation is needed to ensure more equitable distribution of Covid-19 vaccines to help developing economies rebuild. Franziska Ohnsorge, Manager of the Prospects Group at the World Bank, says that vaccinations and economic recovery will go hand in hand. Also in the show: French gyms prepare to reopen after a more than seven month closure.
27 Aug 2021
As Afghan civilian life continues to suffer following the Taliban's takeover, the World Bank is the latest international organisation to suspend dispersements of development funds to the country. This, as western governments increase pressure on the insurgents by squeezing their cash flows, while negotiating a safe exit for people wanting to leave. Also, the "naked baby boy", on the iconic cover of Nirvana's 1991 album "Nevermind", sues the band and record labels for child sexual exploitation.
8 Oct 2021
African economies are due to emerge from recession this year, but their recoveries remain fragile, according to the World Bank's Africa's Pulse report. Axel van Trotsenburg, Managing Director of Operations at the World Bank, tells FRANCE 24 that rising inflation has led to more food insecurity across Africa. He wants the Covid-19 vaccine rollout to be accelerated in order to get 40 percent of the continent fully vaccinated by the end of the year.
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From the depths of the Pacific Ocean comes an innovation in air conditioning that's good for the planet and saves money. Located just 200 metres from the ocean, the hospital in Papeete, on the French island of Tahiti, is using seawater to cool its facilities. The switch to this new system has decreased the hospital's energy consumption by 90 percent.
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Pension problems: French workers strike over government's retirement plans. As many as 2.8 million people hit the streets across France on Tuesday in a second day of walkouts designed to protest the latest pension reform proposals.
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Several European countries, including Germany, temporarily shut their consulates in Istanbul this week, citing security concerns. Turkey says they are waging "psychological warfare."
1 hour ago
The top human rights court in Europe has found Hungary guilty of violating the rights of a refugee who died in 2016. Hungary has one of the worst records on refugee protections in Europe.
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In East Jerusalem, locals are still coming to terms with the trauma of the attack that left seven people dead as they gathered to pray at a synagogue on January 27. That attack was followed by a second incident the following day, which injured two Israelis.