Global economy expected to expand by 4 per cent in 2021: World Bank

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As the COVID-19 vaccine started rolling out in many countries, the World Bank expects that the global economy will expand four per cent in 2021, but will still remain more than five per cent below its pre-pandemic trend. “The global economy appears to be emerging from one of its deepest recessions and beginning a subdued […]

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Pakistan in talks with Tethyan Copper to resolve $5.8 billion dispute

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Pakistan is in talks with Tethyan Copper to settle a $5.8 billion dispute around the Reko Diq copper project, two senior Pakistani officials told Reuters. The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) last year had ordered Pakistan to pay damages of $5.84 billion to Tethyan Copper – a joint venture between Chile’s […]

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Prices of agri commodities may face upward pressure on weakening dollar – report

Prices of highly traded agricultural commodities such as wheat, rice and edible oils may come under upward pressure if the U.S. dollar continues to weaken, a World Bank report said. The dollar is down 5 percent from April to September measured against a broad basket of currencies. Furthermore, currency movements of countries that account for […]

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Impact of COVID-19 on commodity markets heaviest on energy prices; lower oil demand likely to persist beyond next year

While metal and agricultural commodities have recouped their losses from the COVID-19 pandemic and are expected to make modest gains in 2021, energy prices, despite some recovery, are expected to stabilize below pre-pandemic levels next year, the World Bank said. Oil prices fell dramatically in the early stages of COVID-19 and have only partially regained […]

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By 2021, almost 150 million likely to be in extreme poverty due to COVID-19: World Bank

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The World Bank has warned that by 2021, as many as 150 million people are likely to be in extreme poverty because of the coronavirus pandemic and countries will have to prepare for a “different economy” post-COVID by allowing capital, labour, skills and innovation to move into new businesses and sectors. The COVID-19 pandemic is […]

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Bihar doubles rice, wheat, maize crop yield, despite significant regional inequity: World Bank report

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A World Bank research paper has revealed that even as crop yield levels remain low in Bihar, there has been an uptick in productivity growth over the last 15 years or so. “Bihar, India’s poorest state, witnessed impressive yield growth in each of its three principal crops over 2005–17,” said the research report. The yields of […]

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India’s economic growth seen contracting by 3.2% in fiscal 2020/21 – World Bank

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India’s economic growth, which is estimated to have slowed to 4.2% in financial year 2019/20, which ended in March, is projected to contract by 3.2% in 2020/21 when the impact of the coronavirus pandemic will largely hit, the World Bank said in a report. The Indian government ordered a complete national lockdown in late March […]

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COVID-19 to plunge global economy into worst recession since World War II

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The swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction, the World Bank said, adding that the global economy was expected to shrink by 5.2% this year.  “That would represent the deepest recession since the Second World War, with the largest […]

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Most commodity prices to drop in 2020 as coronavirus depresses demand and disrupts supply

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The global economic shock of the COVID-19 pandemic has driven most commodity prices down and is expected to result in substantially lower prices over 2020, the World Bank said. Energy and metals commodities are the most affected by the sudden stop to economic activity and the serious global slowdown that is anticipated. Commodities associated with […]

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