The latest report from the World Bank paints a nuanced picture of the economic trajectory of Asian economies in 2024. While the region continues to outperform much of the world, growth is forecast to slow to 4.5 percent this year, down from 5.1 percent in 2023. This slowdown can be attributed to a combination of factors, including debt, trade barriers, …

US President Joe Biden chose former Mastercard CEO Ajay Banga to run the World Bank, with the expectation that the India-born executive’s ties to the private sector and emerging economies can accelerate the 77-year-old institution’s makeover to better handle climate change. Banga, now 63 years old and a citizen of the United States, was nominated by Vice President Joe Biden …

Indonesia – The World Bank, through its report entitled Global Economic Prospect June 2022, considered Republic of Indonesia’s (Ri’s) economy as one of the most grounded in the midst of the ongoing worldwide gamble circumstance, the Finance Ministry expressed. In view of this, Indonesia’s economy keeps on showing its strength in the midst of the continuous worldwide grating,” the Ministry’s …

Malaysia – According to a World Bank assessment, Malaysia’s economy is predicted to rise 5.5 percent this year, owing to improved domestic demand, more exports, and the reopening of borders. It stated that the external industry is expected to continue to assist, particularly in the areas of electrical and electronic products (E&E) and medical rubber gloves. However, it warned that …

Myanmar – Myanmar’s junta on Monday (Feb 14) said it would not attend an upcoming ASEAN summit after the bloc’s “regrettable” exclusion of its top diplomat over a lack of progress in defusing post-coup violence. ASEAN invited Myanmar to send a “non-political representative” to this week’s foreign ministers’ meeting, citing a lack of progress on a consensus agreed last year …

Laos – Laos is scheduled to launch a US$6 billion (RM25.4 billion) railway constructed by the Chinese on Friday, despite worries over the country’s debt and expectations that it would help to restore the country’s faltering economy. The construction of the 414-kilometer (260-mile) route, which is part of China’s trillion-dollar Belt and Road Initiative, took five years. The potential economic …

Surprisingly, President Duterte has acknowledged the expression of remorse of the World Bank (WB) over reports showing the lackluster showing of Filipino understudies. He would not have any desire to resent the World Bank. Global bodies dealing with the issues of the world ought to be extremely cautious in their insights. It’s anything but great to submit a wrong globally. …

Minister Khairy Jamaluddin, who is the Science, Technology and Innovation Minister called for the World Bank to speak out regarding the unequal distribution of Covid-19 vaccines in global terms as there have been occurrence of hoarding among the richer economies which in turn, makes the existing economic gap even wider. Khairy brought up this mounting concern during the launch of …

KUALA LUMPUR: The control of the Covid-19 pandemic and the security of the most vulnerable in society, while Malaysia is on the road to economic recovery, must remain the country’s top priorities in the near term. Senior economist Shakira Teh Sharifuddin of the World Bank Group said Malaysia is expected to rise by 6.7 percent in 2021, which could be …

The Philippine economy shrank more than what was expected annually in the third quarter due to the COVID-19 pandemic, based on the official data showed last Tuesday. This fallout eased after the government gradually lifted coronavirus restrictions. The country’s economy fell into its first recession in nearly 30 years in the April-June period, when the Philippines imposed one of the …