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Investment opportunities in space cooling to be $1.5 trillion by 2040 in India: World Bank report
India is experiencing higher temperatures every year. By 2030 over 160-200 million people across the country could be exposed to lethal heat waves annually, the report said in its finding. Around 34 million people in India will face job losses due to heat stress related productivity decline.
Emerging markets, developing countries being hit by triple blow: IMF chief
"In this environment, we also must support vulnerable emerging markets and developing countries," Georgieva said at a press conference on Thursday during the IMF and World Bank annual meetings. More than a quarter of emerging economies have either defaulted or had bonds trading at distressed levels, and over 60 per cent of low-income countries are in, or at high risk of, debt distress, according to the IMF.
India a bright spot on otherwise dark horizon: IMF chief
She was speaking on the fourth day of the IMF and World Bank Annual Meetings at the IMF headqarters here. "Most importantly, this growth is underpinned by structural reforms," Kristalina Georgieva told reporters after the meeting. She was replying to a question on her expectations from India just days before it takes over the presidency of G20.
World Bank estimates Pakistan flood losses at $40 billion
Taking to Twitter, Senator Rehman said that Pakistan has appealed to the estimated damage to the infrastructure, crops, houses and roads is much higher. She added that the World Bank report suggests that about nine million Pakistanis will be forced into poverty due to the floods.
World Bank cuts India's GDP growth outlook
In June 2022, it had projected that Indian economy will grow at a rate of 7.5 per cent. In April also, the World Bank had cut India's GDP forecast from 8.7 per cent to 8 per cent. At the same time though, it noted that India's economic recovery is faster than the rest of the world.
Reliance, Sanmina complete JV transaction to build manufacturing hub in India
The joint venture will create a world-class electronic manufacturing hub in India, in line with Prime Minister Narendra Modi's 'Make in India' vision. All the manufacturing will take place at Sanmina's 100-acre campus in Chennai, with the ability for site expansion to support future growth opportunities as well as to potentially expand to new manufacturing sites in India over time based on business needs, the companies said in a statement.
Global economy in its steepest slowdown since 1970: World Bank
Central banks have raised rates "with a degree of synchronicity not seen over the past five decades" to tackle soaring prices, World Bank said, BBC reported. Raising rates makes borrowing more expensive to try to bring down the pace of price rises. But it also makes loans more costly, which can slow economic growth. The warning from the World Bank came ahead of the monetary policy meetings of the US Federal Reserve and Bank of England, which are expected to increase key interest rates next week.
World Bank warns of rising global recession risk amid simultaneous rate hikes
Central banks around the world have been raising interest rates this year with a degree of synchronicity not seen over the past five decades. a trend that is likely to continue well into next year, the World Bank said in a new study. Investors expect central banks to raise global monetary policy rates to almost 4 percent through 2023, an increase of more than 2 percentage points over their 2021 average, it said.
India gets new World Bank Country Director
Auguste, a national of Cote d'Ivoire, most recently served as the World Bank's Country Director for Turkey where he led the expansion of the bank's country programme and deepened its support to Ankara's climate agenda. Prior to this, he served as Director of the Department of Human Development and Economic Management in the World Bank Group's Independent Evaluation Group (IEG) from January 2017 to April 2019.
World Bank cuts India's 2022-23 growth to 7.5%, but will keep top spot
The Bank's Global Prospects Report reduced India's growth by 0.5 per cent from the 8 per cent forecast made in April when the impact of the Ukraine conflict was just beginning to be felt, and 1.2 per cent from the 8.7 per cent forecast in January. It estimated India's growth in the last fiscal year at 8.7 per cent.
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