World Bank says war to cut global growth, boosts financing target
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Thursday
June 30, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
THURSDAY, JUNE 30, 2022
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

  • NATO vows to modernise Ukraine's military to fight off Russian invasion
  • Millions risk undernourishment as wheat prices surge, FAO and OECD warn
  • Russian missiles rain down on Ukraine as West pledges enduring support
  • UK PM Johnson says if Putin 'were a woman', there'd be no Ukraine war
  • World Bank finances over $1b in boosting Bangladesh-Nepal trade connectivity

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 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

  • Representational image
    Some amnesty for offshore assets kept, corporate taxes cut
  • RnB artist R Kelly. Photo: Getty Images via BBC
    US Artist R Kelly sentenced to 30 years on sexual abuse charges
  • Saudi Arabia to celebrate Eid-ul-Adha on 9 July
    Saudi Arabia to celebrate Eid-ul-Adha on 9 July

MOST VIEWED

  • A turret of a destroyed armoured fighting vehicle is seen in a wheat field, as Russia's attack on Ukraine continues, outside the town of Ichnia, in Chernihiv region, Ukraine June 7, 2022. Photo: Reuters
    Millions risk undernourishment as wheat prices surge, FAO and OECD warn
  • The Group of Seven leaders gather for a lunch at the Schloss Elmau hotel in Elmau, Germany on 27 June 2022. Photo: Reuters
    G7 discussions with China, India on Russian oil price cap positive -source
  • The exterior of the New York Stock Exchange. Photo: Reuters
    Boycott Nation: How Americans are boycotting companies now
  • An India Rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration
    India cenbank may need to tweak FX strategy, let rupee weaken, say analysts
  • Workers walk in front of an UltraTech concrete mixture truck at the construction site of a commercial complex on the outskirts of the western Indian city of Ahmedabad. Photo: Reuters
    India's top cement maker paying for Russian coal in Chinese yuan
  • Models of oil barrels and a pump jack are displayed in front of a rising stock graph and "$100" in this illustration taken February 24, 2022. REUTERS
    Oil prices slide after three-day rally

Related News

  • NATO vows to modernise Ukraine's military to fight off Russian invasion
  • Millions risk undernourishment as wheat prices surge, FAO and OECD warn
  • Russian missiles rain down on Ukraine as West pledges enduring support
  • UK PM Johnson says if Putin 'were a woman', there'd be no Ukraine war
  • World Bank finances over $1b in boosting Bangladesh-Nepal trade connectivity

Features

Mahathir accused financial titans of seeking to reverse decades of economic development that propelled tens of millions into the middle class. Photo: Bloomberg

George Soros, Mahathir and the legacy of 1997

13h | Panorama
 If Bangladesh produces and exports high-value-added MMF products right now, we can increase our total export by around 25% in value. Photo: Mumit M

Time ripe for Bangladesh RMG sector to focus more on man-made fibres

17h | Panorama
Human Library Bangladesh has organised so far nine sessions; eight have been held in different parts of Dhaka and one in Khulna. Photo: Courtesy

Human Library Bangladesh: Where the halls come alive with human voices

18h | Panorama
Abortion is a part of healthcare. Photo: Bloomberg

Abortion is healthcare and women’s rights are human rights

1d | Panorama

More Videos from TBS

Severodonetsk now under Russian control

Severodonetsk now under Russian control

6h | Videos
South African boy drove ambition, says Elon's father

South African boy drove ambition, says Elon's father

6h | Videos
Why Dollar crisis will last long?

Why Dollar crisis will last long?

6h | Videos
Beautiful mural at Padma bridge

Beautiful mural at Padma bridge

10h | Videos

Most Read

1
Padma Bridge from satellite. Photo: Screengrab
Bangladesh

Padma Bridge from satellite 

2
Meet the man behind 'Azke amar mon balo nei'
Splash

Meet the man behind 'Azke amar mon balo nei'

3
Photo: TBS
Bangladesh

Motorcycles banned on Padma Bridge 

4
Photo: Courtesy
Corporates

Gree AC being used in all parts of Padma Bridge project

5
Photo: Collected
Economy

Tech startup ShopUp bags $65m in Series B4 funding

6
World Bank to give Bangladesh $18b IDA loans in next five years
Economy

World Bank to give Bangladesh $18b IDA loans in next five years

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab
BENEATH THE SURFACE
An aerial view of a MRT Line-6 construction site. Work on the first elevated metro rail of Bangladesh is going on in full swing. A total of 16 elevated stations will connect the capital’s Uttara to Motijheel via Mirpur, Farmgate and Dhaka University. The photo was taken from Farmgate area recently. Photo: Rajib Dhar

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