Tag - world bank

Global economy remains resilient: Janet Yellen


Mumbai: Strong U.S. economic growth has been a "key driver" of better than expected global growth, U.S. Treasury Secretary Janet Yellen said ahead of G20 finance officials’ meeting in Sao Paulo, Brazil. Yellen said the International Monetary Fund and other forecasters had projected a broad-based slowdown in the global economy in 2023 that did not...

India tops global remittances list for 2023 with $125 bn inflow


New Delhi: The inward remittances to India in 2023 increased by 12.3 per cent to $125 billion from 111.22 billion in 2022, according to the latest data released by the World Bank. India's inward remittances now account for 3.4 per cent of the country’s gross domestic product (GDP). The World Bank’s "Migration and Development Brief", released...

Falling inflation not enough to cut stress about the US economy


Washington: Inflation has reached its lowest point in more than two years. The unemployment rate has stayed below 4 percent for the longest stretch since the 1960s. And the U.S. economy has repeatedly defied predictions of a coming recession. Yet according to a raft of polls and surveys, most Americans hold a glum view...

India poised to surpass Japan to be world’s 3rd largest economy by 2030


New Delhi: India is likely to surpass Japan to become the world's third-largest economy with its GDP doubling to $7.3 trillion by 2030, according to the latest S&P Global Market Intelligence report. “India's nominal GDP measured in USD terms is forecast to rise from $3.5 trillion in 2022 to $7.3 trillion by 2030. This rapid...

South Asia is world’s fastest-growing region: WB


South Asia is expected to grow by 5.8% this year  Region is growing faster than all other emerging markets India is set to remain robust with 6.3% growth in 2023-24 New Delhi: South Asia is expected to grow by 5.8% this year, making it the fastest-growing region in the world even as the pace remains below pre-pandemic...

US economy grew more slowly in second quarter


Washington: The US economy grew more slowly in the second quarter than previously estimated -- a good sign for the Federal Reserve, which is attempting to cool demand to bring down price increases, a media report said. Gross domestic product, the broadest measure of economic output, rose at an annualised rate of 2.1 per cent...

World Bank president Ajay Banga in 2023 list of ‘Great Immigrants’


New York: Ajay Banga, the president of the World Bank, has been named by a prestigious philanthropic organization to its annual 'Great Immigrants' list of honorees who have enriched and strengthened America and its democracy through their contributions and actions. Banga, who became World Bank chief in June 2023, is the first-ever Indian-American to lead the institution. He is the only honoree from India...

Kamala Harris meets WB chief Ajay Banga


Washington: Vice President Kamala Harris called on World Bank President Ajay Banga at the White House. The meeting was the first official US engagement since President Ajay Banga took charge of the office. At their meeting, the Vice President underscored the Biden-Harris Administration’s strong support for World Bank efforts to make investments and spur policy...

India’s growth to hold at 5.8% keeping top spot: UN


United Nations: The UN said that "with many positives", India's economic growth this year is expected to hold at 5.8 per cent, affirming a series of international organisations' projections that the country will be the fastest-growing major economy. The Midyear Update to the UN's World Economic Situation and Prospects report projected next year's gross domestic...