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World Bank flags drop in FDI to developing countries

The World Bank said in a report today that foreign direct investment (FDI) into developing economies has hit the lowest level since 2005, citing growing trade and investment barriers.

Business • 16 Jun

The World Bank is the latest body to cut its growth forecast as a result of President Trump's erratic trade policies

World Bank slashes global growth forecast

The World Bank has slashed its global growth forecast for 2025 by 0.4 percentage point to 2.3%, saying that higher tariffs and heightened uncertainty posed a "significant headwind" for nearly all economies.

Business • 10 Jun

Not a single US trade deal was finalised over the course of the week's IMF and World Bank meetings

IMF-World Bank meetings end with little tariff clarity

Global finance leaders came to Washington last week seeking clarity on what it would take to get some relief from President Donald Trump's multi-layered tariff assault and on just how much pain it will bring to the world economy.

Business • 28 Apr

The World Bank said today that the poorest countries face the toughest challenges from climate change

1.2 billion at high risk from climate change - World Bank

1.2 billion people around the globe are at high risk from the impacts of climate change, the World Bank said today, adding that the poorest countries face the toughest challenges.

Business • 31 Oct 24

Ministers Jack Chambers and Paschal Donohoe are in the US this week

Donohoe and Chambers in Washington for IMF meetings

The President of the Eurogroup and Minister for Public Expenditure, National Development Plan Delivery and Reform Paschal Donohoe and Finance Minister Jack Chambers are in Washington today for the annual neetings of the International Monetary Fund and the World Bank Group.

Business • 23 Oct 24

IMF Managing Director Kristalina Georgieva said the world's economy was headed for slow medium-term growth

IMF, World Bank meetings clouded by wars, US election

Global finance chiefs will gather in Washington this week amid intense uncertainty over wars in the Middle East and Europe, a flagging Chinese economy and worries that a coin-toss US presidential election could ignite new trade battles and erode multilateral cooperation.

Business • 21 Oct 24

Global GDP is likely to grow 2.4% this year, the World Bank forecast today in its latest Global Economic Prospects report

World Bank forecasts 2024 global growth to slow again

The World Bank has today warned that global growth in 2024 is set to slow for a third year in a row, prolonging poverty and debilitating debt levels in many developing countries.

Business • 09 Jan 24

World Bank chief Ajay Banga speaks during the G20 meeting in India

Rich-poor split could tighten grip of poverty - Banga

The new head of the World Bank said today that growing divides between rich and poor nations risked deepening poverty in the developing world, at a meeting of G20 finance ministers in India.

Business • 18 Jul 23

The World Bank last month cut its 2024 forecast for global economic growth to 2.4%

World economy in a difficult place - World Bank Chief

The world economy is in a difficult place but it is not destined to stay there, World Bank President Ajay Banga said today.

Business • 17 Jul 23

The bank predicted global growth rebounding to 3.0% in 2025.

World Bank lifts 2023 global growth forecasts

The World Bank has raised its 2023 global growth forecast as the US and other major economies have proven more resilient than forecast, but said higher interest rates would cause a larger-than-expected drag next year.

Business • 06 Jun 23

Ajay Banga recently completed a three-week world tour to meet government leaders, civil society groups and others as he campaigned for the World Bank's top post

US expects Ajay Banga to be elected as World Bank chief

US Treasury Secretary Janet Yellen said today she expected the US nominee to head the World Bank, former Mastercard CEO Ajay Banga, to be elected as president of the multilateral development bank.

Business • 29 Mar 23

President Biden said Ajay Banga had made combating climate change and the green transition a priority

US to nominate former Mastercard CEO to lead World Bank

US President Joe Biden has said that Washington is nominating former Mastercard chief executive Ajay Banga as a candidate to lead the World Bank, after its current head announced plans to step down early.

Business • 23 Feb 23

The development lender said it expected global GDP growth of 1.7% in 2023

World Bank says global economy could tip into recession

The World Bank has slashed its 2023 growth forecasts to levels teetering on the brink of recession for many countries as the impact of central bank rate hikes intensifies, Russia's war in Ukraine continues, and the world's major economic engines sputter.

Business • 11 Jan 23

Finance Minister Paschal Donohoe will attend the IMF and World Bank annual meetings this week

Donohoe to represent Ireland, Euro Area at IMF meeting

The Minister for Finance is travelling to Washington DC today to attend the annual meetings of the International Monetary Fund and World Bank.

Business • 11 Oct 22

Much of the impact of this economic downturn will be borne by the Developing World.

IMF and World Bank warn of recession next year

The leaders of the IMF and World Bank have said much of the world will slide into recession next year, and that lost output between now and 2026 will amount to some four trillion dollars – equivalent to the entire German economy.

Business • 10 Oct 22

The world's three largest economies - the US, China, and the euro area - have been slowing sharply

World Bank sees rising risk of global recession in 2023

The world may be edging toward a global recession as central banks across the world simultaneously hike interest rates to combat persistent inflation, the World Bank said today.

Business • 16 Sep 22

The World Bank on Tuesday slashed its global growth forecast by nearly a third to 2.9% for 2022

Asian stocks rise, but investors cautious of rate hikes

Asia stocks rose today, encouraged by a rally on Wall Street, but gains were kept in check by worries that aggressive central bank policy tightening will stifle global growth and raise the risks of stagflation.

Business • 08 Jun 22

The World Bank has cut the euro area economic growth forecast to 2.5%

World Bank slashes 2022 global growth forecast to 2.9%

The World Bank has slashed its growth estimate for the global economy to 2.9%, 1.2 percentage points below the January forecast, due to the Russian invasion of Ukraine which has caused a severe downturn.

Business • 07 Jun 22

World Bank President David Malpass warns that Russia's war in Ukraine could trigger a global recession

World Bank says war in Ukraine may trigger recession

World Bank President David Malpass has suggested that Russia's war in Ukraine and its impact on food and energy prices, as well as the availability of fertilizer, could trigger a global recession.

Business • 26 May 22

Energy prices have surged since the Russian invasion of Ukraine and are likely to remain at 'historically high' levels up to 2024

World faces biggest energy shock since 1970s

Energy prices have surged since the Russian invasion of Ukraine and, along with other commodities, are likely to remain at "historically high" levels up to 2024, endangering economic growth, the World Bank warned today.

Business • 26 Apr 22

The World Bank said the magnitude of Ukraine's GDP contraction is 'subject to a high degree of uncertainty' over the war's duration and intensity.

War to cut Ukraine's GDP output by over 45%, World Bank

Ukraine's economic output will likely contract by a staggering 45.1% this year as Russia's invasion has closed businesses, slashed exports and rendered economic activity impossible in large swaths of the country, the World Bank has said.

Business • 11 Apr 22

Global growth is expected to decelerate 'markedly' to 4.1% in 2022 from 5.5% last year, the World Bank said today

World Bank sees sharp world growth slowdown

The World Bank has today cut its forecasts for economic growth in the US, the euro zone and China and warned that high debt levels, rising income inequality and new Covid-19 variants threatened the recovery in developing economies.

Business • 11 Jan 22

The global economy is now expected to grow 5.6% this year, according to the World Bank

World Bank warns of uneven global recovery

Fueled by widespread Covid-19 vaccinations in advanced nations, the world economic recovery has picked up speed, but the upbeat outlook obscures a worrying picture in poor nations, the World Bank said today.

Business • 08 Jun 21

The pope told the IMF that the coronavirus pandemic had forced the world to come to terms with interrelated socio-economic, ecological, and political crises

Cut the debt of poor countries, Pope tells IMF

Pope Francis has told world financial chiefs that poor countries hit by the economic impact of the coronavirus need to have their debt burden reduced and be given a greater say in global decision making.

Business • 08 Apr 21

The IMF issues slightly improved growth forecasts spurred by unexpectedly stronger rebounds from coronavirus lockdowns

Stimulus, virus battle key for global economy recovery

Global finance leaders have said the world economy had escaped a coronavirus-triggered collapse so far, but warned that failure to conquer the pandemic, maintain stimulus and tackle mounting debt among poor nations could crush a fragile recovery.

Business • 14 Oct 20