March 21, 2011 |
The World Bank on Monday issued a report saying the damage from Japan's earthquake and tsunami could amount to as much as $235 billion and that limited effects from the disaster will be felt in economies across East Asia. Rebuilding in the aftermath of the destruction could take five years, according to the report, released Monday in Singapore. Growth in Japan's gross domestic product could be slowed by as much as half a percentage point this year, though it is likely to pick up after midyear once reconstruction efforts accelerate, the organization forecasted in its East Asia and Pacific Economic Update . World Bank economist Vikram Nehru said the economic fallout would certainly be felt around the region, given Japan's part in East Asia's economy, but that it would be "short-lived.
October 7, 2010 |
Buoyed by its prudent fiscal policies and growing global demand for its commodities, Latin America will see solid economic growth in 2010 and 2011, according to new reports issued Wednesday by the World Bank and the International Monetary Fund. The region generally has resisted the ripple effects of the global crisis better than more-developed nations, the institutions said at their joint annual meeting in Washington. That's a marked contrast to past global crises that weighed heavily on Latin American economies.
March 29, 2010
When U.S., United Nations and Haitian leaders meet with representatives of some 50 other countries in New York on Wednesday, they will be trying to raise about $4 billion to begin the reconstruction of Haiti, laid waste by a magnitude 7.0 earthquake on Jan. 12. The prospective donors will hear that Haiti, already the poorest country in the hemisphere, suffered $7.8 billion in damages and lost 80% of its revenue, leaving the government unable to pay...
November 21, 2009 |
Foreigners have come to Anjandobo village, a cluster of wooden huts on the desolate red dust of southern Madagascar. They're vaza -- outsiders. The vaza are sweating. They wear hats and carry cameras and plastic bottles of water. The sun exhausts the vaza : four journalists and a group of aid workers from UNICEF and the World Food Program. Scorpions bristle under rocks. There's little shade. A small Anjandobo child watches the vaza with their water bottles.
November 1, 2009 |
Standing on the shore under the relentless Central Asian sun, Badarkhan Prikeyev drew on a cigarette and squinted into the distance as one fishing boat after another returned with the day's catch. Until recently, this spot where the fish merchant was standing, in a man-made desert at the edge of nowhere, represented one of the world's worst environmental calamities. Now fresh water was lapping at his boots, proclaiming an environmental miracle -- the return of the Aral Sea. The Aral was once the world's fourth-largest body of fresh water, covering an area the size of Ireland.
October 16, 2009 |
In several new wall works plus a large installation that cascades down from the rafters and up over the rear gallery wall, Jacob Hashimoto gets his kite strings all tangled up. That's a good thing. The twist energizes compelling work that, in the past, has sometimes seemed too tastefully sedate. At Otero Plassart, the wall-work "On a Pitch Black Lake" employs materials Hashimoto has used for several years. Hundreds of small "kites" made from bamboo and Japanese paper are suspended in space from wooden dowels, which protrude from plexiglass wall-mounts.
September 25, 2009 |
Leaders of the world's biggest economies gathering here for the Group of 20 summit have agreed that the organization will replace the Group of Eight as a permanent body for international economic cooperation, the White House announced late Thursday. The change reflects the world's shifting economic powers and a need for the U.S. and the traditional European powers to secure the cooperation of fast-growing economies such as China, India and Brazil to make progress on pressing issues.
September 17, 2009 |
The global recession is expected to push 89 million more people into extreme poverty by the end of 2010, the World Bank said Wednesday as it called on the leaders of the 20 largest economies to engage in "responsible globalization." Although economic data show that the worst recession of the post-World War II era might have ended for the United States and that global trade has begun to pick up again, low-income countries are still reeling from the effects of a financial crisis created by their wealthier counterparts.
July 7, 2009 |
Rwandan President Paul Kagame urged leaders of the Group of 8 to consult poor nations more, saying some in the developing world were skeptical of economic recipes handed down by wealthy countries. He said people in developing nations were "less convinced these days that Western help is motivated by altruism." Mauritius Finance Minister Rama Krishna Sithanen called on the International Monetary Fund and World Bank to show flexibility when dealing with countries in difficulty. "There must be timeliness in intervention, there is a need to introduce some flexible mechanism to support countries going through the painful process of transition," he said, addressing a conference of African government officials and business leaders.
June 17, 2009 |
Brazil, Russia, India and China on Tuesday called for a more diversified international monetary system, but wrapped up their first full-fledged summit by avoiding any explicit criticism of the world's dominant currency, the U.S. dollar. The statement issued by the leaders from the so-called BRIC nations contained no reference to developing new reserve currencies to complement the dollar, which Russia had called for earlier in the day.