World Bank says war to cut global growth, boosts financing target | The Business Standard
Skip to main content
  • Home
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Food
    • Habitat
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
The Business Standard

Thursday
December 07, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Banking
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Food
    • Habitat
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wheels
  • Epaper
    • GOVT. Ad
  • More
    • Subscribe
    • Videos
    • TBS Graduates
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Long Read
    • Interviews
    • Offbeat
    • Tech
    • Magazine
  • বাংলা
THURSDAY, DECEMBER 07, 2023
World Bank says war to cut global growth, boosts financing target

Global Economy

Reuters
18 April, 2022, 08:35 pm
Last modified: 18 April, 2022, 08:38 pm

Related News

  • World Bank's Banga calls for record replenishment of fund for poorest countries
  • Bangladesh to ask WB for $250m more in budget support
  • World Bank, ADB support for Rohingyas must be as grant, not loan: TIB
  • World Bank focuses on securitisation to scale climate finance
  • Ukraine has a new way to get its grain to the world despite Russia's threat in the Black Sea

World Bank says war to cut global growth, boosts financing target

Reuters
18 April, 2022, 08:35 pm
Last modified: 18 April, 2022, 08:38 pm
World Bank President David Malpass speaks during a news conference at the Spring Meetings of the World Bank Group and IMF in Washington, U.S., April 11, 2019. REUTERS/James Lawler Duggan/File Photo
World Bank President David Malpass speaks during a news conference at the Spring Meetings of the World Bank Group and IMF in Washington, U.S., April 11, 2019. REUTERS/James Lawler Duggan/File Photo

The World Bank is reducing its global growth forecast for 2022 by nearly a full percentage point, to 3.2% from 4.1%, due to the impacts from Russia's invasion of Ukraine, World Bank President David Malpass said on Monday.

Malpass told reporters on a conference call that the World Bank was responding to the added economic stresses from the war by proposing a new, 15-month crisis financing target of $170 billion, with a goal to commit about $50 billion of this financing over the next three months.

Malpass said the biggest component of the bank's growth forecast reduction was a 4.1% contraction in the Europe and Central Asia region -- comprising Ukraine, Russia and surrounding countries. Forecasts also are being cut for advanced and many developing economies because of spikes in food and energy prices caused by war-related supply disruptions, Malpass said.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

The International Monetary Fund is expected to cut its global growth forecast on Tuesday.

"We're preparing for a continued crisis response, given the multiple crises," Malpass said. "Over the next few weeks, I expect to discuss with our board, a new 15-month crisis response envelope of around $170 billion to cover April 2022 through June 2023."

The plan follows on from a World Bank $160 billion COVID-19 financing program, of which Malpass said $157 billion was committed through June 2021.

Malpass said the financing partly will support countries that have taken in refugees from Ukraine and will also help address problems in countries affected by food shortages.

Malpass said World Bank and IMF member countries this week will be discussing new assistance for Ukraine, and expects specific commitments to be announced by a number of donor countries.

Top News / World+Biz

World Bank / global growth / Ukraine war

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Deepening dollar crisis: Unveiling causes and solutions
    Deepening dollar crisis: Unveiling causes and solutions
  • Current account surplus drops by 80% in one month
    Current account surplus drops by 80% in one month
  • EC publishes full list of 96 local election observers with 29 new names
    EC publishes full list of 96 local election observers with 29 new names

MOST VIEWED

  • This file photo from December 2019 shows a rider driving his motorcycle through cold wind and fog. A scene not yet visible this year. Photo: Mumit M
    Woe for seasonal crops, vegetables as winter comes late 
  • Caption: Illustration: TBS
    Source tax on land registration cut again
  • File Photo: Reuters
    $1.08 billion could be added to Bangladesh's dwindling forex reserves
  • Photo: Courtesy
    Woman entrepreneur Sangeeta Khan dies at age 62
  • 59 DSE stocks face downgrade to junk category
    59 DSE stocks face downgrade to junk category
  • Dollar pressure rises as short-term foreign debt drops $300m in October
    Dollar pressure rises as short-term foreign debt drops $300m in October

Related News

  • World Bank's Banga calls for record replenishment of fund for poorest countries
  • Bangladesh to ask WB for $250m more in budget support
  • World Bank, ADB support for Rohingyas must be as grant, not loan: TIB
  • World Bank focuses on securitisation to scale climate finance
  • Ukraine has a new way to get its grain to the world despite Russia's threat in the Black Sea

Features

Sketch: TBS

How Khan Farhana built a 300,000-strong LinkedIn community

5h | Pursuit
Photo: Courtesy

Fostering emotional intelligence and classroom harmony: The power of a complaint box

5h | Pursuit
Photo: Rexy Jason Gomez

A big love for the small wheels

10h | Features
Dhaka’s FDC,  Japan Garden City and Shia Masjid were all part of Gudaraghat once. PHOTOS:  Syed Zakir Hossain

What the remaining Gudaraghats remind us of Dhaka's long-lost water bodies

18h | Panorama

More Videos from TBS

What is 'obstructing the field' out?

What is 'obstructing the field' out?

9h | TBS SPORTS
When Farooki is hero

When Farooki is hero

8h | TBS Entertainment
Most Ukrainians are losing interest in going to war

Most Ukrainians are losing interest in going to war

12h | TBS World
Putin to visit UAE and Saudi Arabia

Putin to visit UAE and Saudi Arabia

14h | TBS World
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net