The World Bank has issued a stark warning regarding the economic plight of the world’s poorest nations, indicating that 26 of these countries are in their most precarious financial position since 2006. This alarming revelation underlines the growing challenges faced by low-income economies amid a backdrop of escalating global crises, including climate change and geopolitical tension as detailed in a report by Reuters.<o:p></o:p>

Economic indicators reveal distress<o:p></o:p>

The report further stated that, the 26 poorest economies studied, which have annual per-capita incomes of less than $1,145, are increasingly reliant on the International Development Association&nbsp;(IDA) grants and near-zero interest rate loans as market financing has largely dried up, the World Bank said. Their average debt-to-GDP ratio of 72 per cent is at an 18-year high and half of the group are either in debt distress or at high risk of it.<o:p></o:p>

Impact on poverty and development goals<o:p></o:p>

Some of the countries in the study are in sub-Saharan Africa, from Ethiopia to Chad and Congo, but the list also includes Afghanistan and Yemen. These are basically some of the worst affected nations financially. <o:p></o:p>

Two thirds of the 26 poorest countries are either in armed conflicts or have difficulty maintaining order because of institutional and social fragility, which inhibit foreign investment, and nearly all export commodities, exposing them to frequent boom-and-bust cycles, the report said.<o:p></o:p>

"At a time when much of the world simply backed away from the poorest countries, IDA has been their lifeline," World Bank chief economist Indermit Gill said in a statement. "Over the past five years, it has poured most of its financial resources into the 26 low-income economies, keeping them afloat through the historic setbacks they suffered."<o:p></o:p>

The role of international cooperation<o:p></o:p>

As the world grapples with these pressing issues, international cooperation is more crucial than ever. The World Bank has also urged&nbsp;developed nations and international financial institutions to step up their efforts in providing assistance to low-income countries. This includes not only financial aid but also technical support to enhance local capacities for sustainable growth.<o:p></o:p>

IDA normally is replenished every three years with contributions from World Bank shareholding countries. It raised a record $93 billion in 2021 and World Bank President Ajay Banga is aiming to exceed that with more than $100 billion in pledges by December 6.<o:p></o:p>

Hence, the World Bank's findings serve as an important call for action. The economic struggles faced by the world’s poorest countries represent a significant challenge not just for those nations but for global stability and development as a whole. Immediate and coordinated efforts are essential to ensure that these countries can recover and thrive in an increasingly complex global landscape.<o:p></o:p>

The World Bank has issued a stark warning regarding the economic plight of the world’s poorest nations, indicating that 26 of these countries are in their most precarious financial position since 2006.

The World Bank has issued a stark warning regarding the economic plight of the world’s poorest nations, indicating that 26 of these countries are in their most precarious financial position since 2006. This alarming revelation underlines the growing challenges faced by low-income economies amid a backdrop of escalating global crises, including climate change and geopolitical tension as detailed in a report by Reuters. Economic indicators reveal distress The report further stated that, the 26 poorest economies studied, which have annual per-capita incomes of less than $1,145, are increasingly reliant on the International Development Association (IDA) grants and near-zero interest rate loans as market financing has largely dried up, the World Bank said. Their average debt-to-GDP ratio of 72 per cent is at an 18-year high and half of the group are either in debt distress or at high risk of it. Impact on poverty and development goals Some of the countries in the study are in sub-Saharan Africa, from Ethiopia to Chad and Congo, but the list also includes Afghanistan and Yemen. These are basically some of the worst affected nations financially. Two thirds of the 26 poorest countries are either in armed conflicts or have difficulty maintaining order because of institutional and social fragility, which inhibit foreign investment, and nearly all export commodities, exposing them to frequent boom-and-bust cycles, the report said. "At a time when much of the world simply backed away from the poorest countries, IDA has been their lifeline," World Bank chief economist Indermit Gill said in a statement. "Over the past five years, it has poured most of its financial resources into the 26 low-income economies, keeping them afloat through the historic setbacks they suffered." The role of international cooperation As the world grapples with these pressing issues, international cooperation is more crucial than ever. The World Bank has also urged developed nations and international financial institutions to step up their efforts in providing assistance to low-income countries. This includes not only financial aid but also technical support to enhance local capacities for sustainable growth. IDA normally is replenished every three years with contributions from World Bank shareholding countries. It raised a record $93 billion in 2021 and World Bank President Ajay Banga is aiming to exceed that with more than $100 billion in pledges by December 6. Hence, the World Bank's findings serve as an important call for action. The economic struggles faced by the world’s poorest countries represent a significant challenge not just for those nations but for global stability and development as a whole. Immediate and coordinated efforts are essential to ensure that these countries can recover and thrive in an increasingly complex global landscape.

World Bank reports that 26 poorest countries are in worst financial shape since 2006

About 5.7 million Syrians live in extreme poverty, reported the World Bank on Saturday (May 25).&nbsp;

As per two new reports published by the World Bank on Syria, 13 years into the devastating civil war that has battered the economy and impoverished millions, more than a quarter of people are living in extreme poverty condition. Before the conflict, extreme poverty was "virtually non-existent" said one report.&nbsp;

"Extreme poverty, while virtually non-existent before the conflict, affected more than one in four Syrians in 2022" and might have further deteriorated after a deadly earthquake last year, it said, as reported by AFP. Last year's earthquake killed about 6,000 people.

<h2>Poverty and Syria</h2>

Even as the war ravages the economy, infrastructure, and industry in Syria, Lebanon's economic meltdown in late 2019, the Covid-19 pandemic and the war in Ukraine, have all contributed to the erosion of the welfare of Syrian households in recent years, says the report.&nbsp;

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"Continued funding shortfalls and limited access to humanitarian assistance," have further strained poor Syrians, already coping with "soaring prices, reduced access to essential services and rising unemployment," said the World Bank.

In 2023,&nbsp;Syria's GDP was&nbsp;estimated at around $6.2 billion. In 2024, it is&nbsp;projected to contract by 1.5 per cent, "extending the 1.2 per cent decline in 2023," said the report.

Previously, the United Nations estimated that about 90 per cent of Syrians live in poverty. It also estimates that around two million live in extreme poverty conditions after more than a decade of the war.

In a conversation with AFP, the international agency said that its humanitarian 2024 response plan in Syria requires over $4 billion, but is only six per cent funded.

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The dwindling aid and lack of opportunities, as per the World Bank, have pushed many Syrians to rely on money/remittances sent by relatives from abroad. As per the World Bank's estimates, in "2022, the total value of remittances received by Syrian households reached about $1.05 billion".

(With inputs from agencies)

About 5.7 million Syrians live in extreme poverty, reported the World Bank on Saturday (May 25). As per two new reports published by the World Bank on Syria, 13 years into the devastating civil war that has battered the economy and impoverished millions, more than a quarter of people are living in extreme poverty condition.

About 5.7 million Syrians live in extreme poverty, reported the World Bank on Saturday (May 25). As per two new reports published by the World Bank on Syria, 13 years into the devastating civil war that has battered the economy and impoverished millions, more than a quarter of people are living in extreme poverty condition. Before the conflict, extreme poverty was "virtually non-existent" said one report. "Extreme poverty, while virtually non-existent before the conflict, affected more than one in four Syrians in 2022" and might have further deteriorated after a deadly earthquake last year, it said, as reported by AFP. Last year's earthquake killed about 6,000 people. Poverty and Syria Even as the war ravages the economy, infrastructure, and industry in Syria, Lebanon's economic meltdown in late 2019, the Covid-19 pandemic and the war in Ukraine, have all contributed to the erosion of the welfare of Syrian households in recent years, says the report. Also read | Voiced by De Niro, Biden's campaign ad paints Trump as an 'out of control' president that 'snapped' "Continued funding shortfalls and limited access to humanitarian assistance," have further strained poor Syrians, already coping with "soaring prices, reduced access to essential services and rising unemployment," said the World Bank. In 2023, Syria's GDP was estimated at around $6.2 billion. In 2024, it is projected to contract by 1.5 per cent, "extending the 1.2 per cent decline in 2023," said the report. Previously, the United Nations estimated that about 90 per cent of Syrians live in poverty. It also estimates that around two million live in extreme poverty conditions after more than a decade of the war. In a conversation with AFP, the international agency said that its humanitarian 2024 response plan in Syria requires over $4 billion, but is only six per cent funded. Also read | Florida priest accused of biting woman in church during mass. Here’s what happened The dwindling aid and lack of opportunities, as per the World Bank, have pushed many Syrians to rely on money/remittances sent by relatives from abroad. As per the World Bank's estimates, in "2022, the total value of remittances received by Syrian households reached about $1.05 billion". (With inputs from agencies)

13 year war: 5.7 million or over 1 in 4 people 'extremely poor' in Syria, reports World Bank

A World Bank report has found that no country in the world offers women the same opportunities as men at work place. The Global gender gap is far worse than aniticpated and closing it could raise the world's GDP by over 20%.

Gravitas | World Bank Report: Global gender gap is far wider than you think

Indians or NRIs’ as we call them have given Indians yet another Milestone to cherish in our eyes sent over a hundred billion dollars to India last year. A World Bank report showed India became the first country to reach the 100 billion dollar landmark in money inflow but what does it mean for India and its economy here's a report to tell you more.

Remittances into India breach $100 billion mark

A World Bank report says that COVID-19 pushed nearly 71 million people into extreme poverty globally, of which 79 per cent were from India. The report titled "Poverty and Shared Prosperity 2022" says that global extreme poverty rate increased from 8.4 per cent in 2019 to 9.3 per cent in 2020.&nbsp;

Over 700 million people were left impoverished by the end of 2020, the report says. It further said that most populous countries suffered the most, with India accounting for 56 million of the estimated 71 million people who fell into extreme poverty. However, China did not contribute much to the rise in global poverty despite being the most populated country in the world.&nbsp;

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Data from Consumer Pyramids Household Survey (CPHS) conducted by a private data company, the Centre for Monitoring Indian Economy was used for the study as the Indian government has not released official data on poverty since 2011. "Given the country's size and importance for global and regional poverty estimates, the CPHS data help fill an important gap," the report stated.

When compared economically, China suffered a "moderate economic shock in 2020", while India witnessed a "pronounced economic contraction" in 2020, as per the report.&nbsp;

Lockdowns during the initial period of COVID-19 hit a chunk of the Indian population hard who had nowhere to turn to for their livelihood. Meanwhile, China still has in place measures to curb the spread of the virus, and all such closures are all having an impact on the country's economy.&nbsp;

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The problem of extreme poverty is not expected to change soon, the report said, citing the Russia-Ukraine war, slowdown in China's economy and food and energy inflation as reasons.

Experts say that global economy is inching towards recession with most countries hit. The food crisis has aggravated across the world due to the ongoing crisis in Ukraine. Inflation is at an all-time high.

(With inputs from agencies)

&nbsp;

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A World Bank report says that COVID-19 pushed nearly 71 million people into extreme poverty globally, of which 79 per cent were from India. The report titled "Poverty and Shared Prosperity 2022" says that global extreme poverty rate increased from 8.

A World Bank report says that COVID-19 pushed nearly 71 million people into extreme poverty globally, of which 79 per cent were from India. The report titled "Poverty and Shared Prosperity 2022" says that global extreme poverty rate increased from 8.4 per cent in 2019 to 9.3 per cent in 2020. Over 700 million people were left impoverished by the end of 2020, the report says. It further said that most populous countries suffered the most, with India accounting for 56 million of the estimated 71 million people who fell into extreme poverty. However, China did not contribute much to the rise in global poverty despite being the most populated country in the world. Also Read | Five signs why global economy is headed for recession Data from Consumer Pyramids Household Survey (CPHS) conducted by a private data company, the Centre for Monitoring Indian Economy was used for the study as the Indian government has not released official data on poverty since 2011. "Given the country's size and importance for global and regional poverty estimates, the CPHS data help fill an important gap," the report stated. When compared economically, China suffered a "moderate economic shock in 2020", while India witnessed a "pronounced economic contraction" in 2020, as per the report. Lockdowns during the initial period of COVID-19 hit a chunk of the Indian population hard who had nowhere to turn to for their livelihood. Meanwhile, China still has in place measures to curb the spread of the virus, and all such closures are all having an impact on the country's economy. Also Read | Chinese economy and the challenges it faces The problem of extreme poverty is not expected to change soon, the report said, citing the Russia-Ukraine war, slowdown in China's economy and food and energy inflation as reasons. Experts say that global economy is inching towards recession with most countries hit. The food crisis has aggravated across the world due to the ongoing crisis in Ukraine. Inflation is at an all-time high. (With inputs from agencies)

COVID-19 pushed nearly 71mn people into extreme poverty globally, 56mn were Indians, says World Bank report

Growth in Sub-Saharan Africa has been downgraded to 2.3 percent for 2018, down from 2.5 percent in 2017, according to the April 2019 issue of Africa’s Pulse, the World Bank’s bi-annual analysis of the state of African economies released on Monday, April 8.

Sub-Saharan Africa's economic growth recovery to take longer: World Bank

The current trade between India and Pakistan is at a little over USD 2 billion, much below than the potential, and can go up to USD 37 billion if the two countries tear down artificial barriers like lack of connectivity, trust deficit and complicated and non-transparent non-tariff measures, according to a World Bank report.&nbsp;

The report titled 'Glass Half Full: Promise of Regional Trade in South Asia' was released here on Wednesday.

Dawn reported that it says that the current trade between the two countries is much below than full potential. It could only be harnessed if both countries agree to tear down artificial barriers.

The bank also estimated Pakistan's potential trade with South Asia at USD 39.7bn against the actual current trade of USD 5.1bn.

The report also unpacks four of the critical barriers to effective integration.&nbsp;

The four areas are tariff and para-tariff barriers to trade, complicated and non-transparent non-tariff measures, a disproportionately high cost of trade, and trust deficit.

Talking to a group of journalists on key points of the report at the World Bank office in Islamabad, lead economist and author of the document Sanjay Kathuria said it was his belief that trust promotes trade, and trade fosters trust, interdependency and constituencies for peace.

In this context, he added, the opening of the Kartarpur Corridor by governments of Pakistan and India would help minimise trust deficit.

He said such steps will boost trust between the two countries.&nbsp;

For realising the trade potential between Pakistan and India, he suggested the two countries can start with specific products facilitation in the first phase.&nbsp;

Kathuria said Pakistan had least air connectivity with South Asian countries, especially India. Pakistan has only six weekly flights each with India and Afghanistan, 10 each with Sri Lanka and Bangladesh and only one with Nepal, but no flight with the Maldives and Bhutan.

Compared to this, India has 147 weekly flights with Sri Lanka, followed by 67 with Bangladesh, 32 with the Maldives, 71 with Nepal, 22 with Afghanistan and 23 with Bhutan.

The report recommends ending sensitive lists and para tariffs to enable real progress on the South Asia Free Trade Agreement (SAFTA) and calls for a multi-pronged effort to remove non-tariff barriers, focusing on information flows, procedures, and infrastructure.

The report stated that Pakistan's decision of not granting MFN status or non-discriminatory market access to India was also a barrier to trade.&nbsp;

The preferential access granted by Pakistan on 82.1% of tariff lines under Safta was partially blocked in the case of India because Pakistan maintained a negative list comprising 1,209 items that could not be imported from India, the report noted.

Policy-makers may draw lessons from the India-Sri Lanka air service liberalisation experience. Connectivity is a key enabler for robust regional cooperation in South Asia.

Kathuria said that reducing policy barriers, such as eliminating the restrictions on trade at the Wagah-Attari border or aiming for seamless, electronic data interchange at border crossings, will be major steps towards reducing the very high costs of trade between Pakistan and India.

He argued that the costs of trade are much higher within South Asia compared to other regions. The average tariff in South Asia is more than double the world average. South Asian countries have greater trade barriers for imports from within the region than from the rest of the world.

The World Bank Country Director for Pakistan, Illango Patchamuthu, said Pakistan is sitting on a huge trade potential that remains largely untapped.&nbsp; 
"A favourable trading regime that reduces the high costs and removes barriers can boost investment opportunities that are critically required for accelerating growth in the country," he said.

The World Bank's Director Macroeconomics, Trade and Investment Caroline Freund said Pakistan's frequent use of tariffs to curb imports or protect local firms increases the prices of hundreds of consumer goods, such as eggs, paper and bicycles.

They also raise the cost of production for firms, making it difficult for them to integrate with regional and global value chains, she said. Pakistan needs to promote export promotion policies to ensure sustainable growth.

On the issue of currency devaluation, she said the undervalued currency is an anti-export measure. She suggests the exchange rate should be determined by the real market trend.&nbsp;

The current trade between India and Pakistan is at a little over USD 2 billion, much below than the potential, and can go up to USD 37 billion if the two countries tear down artificial barriers like lack of connectivity, trust deficit and complicated and non-transparent non-tariff measures, according to a World Bank report.

The current trade between India and Pakistan is at a little over USD 2 billion, much below than the potential, and can go up to USD 37 billion if the two countries tear down artificial barriers like lack of connectivity, trust deficit and complicated and non-transparent non-tariff measures, according to a World Bank report. The report titled 'Glass Half Full: Promise of Regional Trade in South Asia' was released here on Wednesday. Dawn reported that it says that the current trade between the two countries is much below than full potential. It could only be harnessed if both countries agree to tear down artificial barriers. The bank also estimated Pakistan's potential trade with South Asia at USD 39.7bn against the actual current trade of USD 5.1bn. The report also unpacks four of the critical barriers to effective integration. The four areas are tariff and para-tariff barriers to trade, complicated and non-transparent non-tariff measures, a disproportionately high cost of trade, and trust deficit. Talking to a group of journalists on key points of the report at the World Bank office in Islamabad, lead economist and author of the document Sanjay Kathuria said it was his belief that trust promotes trade, and trade fosters trust, interdependency and constituencies for peace. In this context, he added, the opening of the Kartarpur Corridor by governments of Pakistan and India would help minimise trust deficit. He said such steps will boost trust between the two countries. For realising the trade potential between Pakistan and India, he suggested the two countries can start with specific products facilitation in the first phase. Kathuria said Pakistan had least air connectivity with South Asian countries, especially India. Pakistan has only six weekly flights each with India and Afghanistan, 10 each with Sri Lanka and Bangladesh and only one with Nepal, but no flight with the Maldives and Bhutan. Compared to this, India has 147 weekly flights with Sri Lanka, followed by 67 with Bangladesh, 32 with the Maldives, 71 with Nepal, 22 with Afghanistan and 23 with Bhutan. The report recommends ending sensitive lists and para tariffs to enable real progress on the South Asia Free Trade Agreement (SAFTA) and calls for a multi-pronged effort to remove non-tariff barriers, focusing on information flows, procedures, and infrastructure. The report stated that Pakistan's decision of not granting MFN status or non-discriminatory market access to India was also a barrier to trade. The preferential access granted by Pakistan on 82.1% of tariff lines under Safta was partially blocked in the case of India because Pakistan maintained a negative list comprising 1,209 items that could not be imported from India, the report noted. Policy-makers may draw lessons from the India-Sri Lanka air service liberalisation experience. Connectivity is a key enabler for robust regional cooperation in South Asia. Kathuria said that reducing policy barriers, such as eliminating the restrictions on trade at the Wagah-Attari border or aiming for seamless, electronic data interchange at border crossings, will be major steps towards reducing the very high costs of trade between Pakistan and India. He argued that the costs of trade are much higher within South Asia compared to other regions. The average tariff in South Asia is more than double the world average. South Asian countries have greater trade barriers for imports from within the region than from the rest of the world. The World Bank Country Director for Pakistan, Illango Patchamuthu, said Pakistan is sitting on a huge trade potential that remains largely untapped. "A favourable trading regime that reduces the high costs and removes barriers can boost investment opportunities that are critically required for accelerating growth in the country," he said. The World Bank's Director Macroeconomics, Trade and Investment Caroline Freund said Pakistan's frequent use of tariffs to curb imports or protect local firms increases the prices of hundreds of consumer goods, such as eggs, paper and bicycles. They also raise the cost of production for firms, making it difficult for them to integrate with regional and global value chains, she said. Pakistan needs to promote export promotion policies to ensure sustainable growth. On the issue of currency devaluation, she said the undervalued currency is an anti-export measure. She suggests the exchange rate should be determined by the real market trend.

India, Pakistan trade much below than potential: World Bank report

The World Bank report on "<a href="http://www.wionews.com/business-economy/ease-of-doing-business-afghanistan-tops-10-economies-improving-the-most-india-ranked-5th-174715">ease of doing business" ranked New Zealand</a>, Singapore and Denmark as the top-3 nations which displayed "well-designed business regulation".

New Zealand was ranked No-2 last year but this year the Kiwis topped the chart bringing down Singapore which slipped one slot to finish as No-2. Denmark, Hong Kong, South Korea, Georgia, Norway, US and UK made up the top-10 list.

"Singapore continues to be the economy with the most business-friendly regulation," the report said.

"The top three economies this year - New Zealand, Singapore and Denmark - exemplify a business-friendly environment," the World Bank report said, highlighting that continuous and focused reform agenda keeps an economy competitive and vigilant, as others also keep improving.

"Two economies that entered the top-20 this year - the United Arab Emirates and Malaysia - have maintained such a reform momentum," it observed.

"The United Arab Emirates is the highest ranking economy in the Middle East and North Africa region, with reforms captured in four areas. Six reforms in Malaysia were measured by Doing Business, resulting in the second highest regional improvement in the ease of doing business score," the report noted.

"The top 20 economies share a number of international good practices. In the area of starting a business, 13 of these economies have at least one procedure that can be completed online in 0.5 days," it said, while adding, "the electricity distribution utilities in all but one of the top 20 economies use automated tools, allowing for faster, more efficient and more secure restoration of service during power outages."

According to the report, regionally, almost 60 per cent of the top 50 economies were from the OECD high-income group, followed by Europe and Central Asia at 24 per cent and East Asia and the Pacific at 12 per cent.

Interestingly, Pakistan climbed two places at 136 from 138 ranked last year.&nbsp;

Doing Business measures the quality of regulation by analysing whether the regulatory infrastructure needed for a transaction to be successfully completed is in place. Doing Business does not measure the quality of the outcome related to that regulation.&nbsp;

Out of the 189 countries listed, Eritrea was ranked last with Libya, South Sudan, Venezuela and the Central African Republic finishing at the bottom.&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/ZJqOFGaTLug" width="560"></iframe>

The World Bank report on "ease of doing business" ranked New Zealand, Singapore and Denmark as the top-3 nations which displayed "well-designed business regulation".

The World Bank report on "ease of doing business" ranked New Zealand, Singapore and Denmark as the top-3 nations which displayed "well-designed business regulation". New Zealand was ranked No-2 last year but this year the Kiwis topped the chart bringing down Singapore which slipped one slot to finish as No-2. Denmark, Hong Kong, South Korea, Georgia, Norway, US and UK made up the top-10 list. "Singapore continues to be the economy with the most business-friendly regulation," the report said. "The top three economies this year - New Zealand, Singapore and Denmark - exemplify a business-friendly environment," the World Bank report said, highlighting that continuous and focused reform agenda keeps an economy competitive and vigilant, as others also keep improving. "Two economies that entered the top-20 this year - the United Arab Emirates and Malaysia - have maintained such a reform momentum," it observed. "The United Arab Emirates is the highest ranking economy in the Middle East and North Africa region, with reforms captured in four areas. Six reforms in Malaysia were measured by Doing Business, resulting in the second highest regional improvement in the ease of doing business score," the report noted. "The top 20 economies share a number of international good practices. In the area of starting a business, 13 of these economies have at least one procedure that can be completed online in 0.5 days," it said, while adding, "the electricity distribution utilities in all but one of the top 20 economies use automated tools, allowing for faster, more efficient and more secure restoration of service during power outages." According to the report, regionally, almost 60 per cent of the top 50 economies were from the OECD high-income group, followed by Europe and Central Asia at 24 per cent and East Asia and the Pacific at 12 per cent. Interestingly, Pakistan climbed two places at 136 from 138 ranked last year. Doing Business measures the quality of regulation by analysing whether the regulatory infrastructure needed for a transaction to be successfully completed is in place. Doing Business does not measure the quality of the outcome related to that regulation. Out of the 189 countries listed, Eritrea was ranked last with Libya, South Sudan, Venezuela and the Central African Republic finishing at the bottom.

'Ease of doing business': New Zealand, Singapore top list; Pakistan ranked 136th

The World Bank today described as "incorrect" media reports in Pakistan about allegations that former prime minister Nawaz Sharif laundered $4.9 billion to India.&nbsp

In the past day, there have been media reports citing the World Bank's Remittances and Migration Report of 2016.&nbsp

These media reports were "incorrect", the World Bank said in a statement here.&nbsp

The World Bank's Remittances and Migration Report is an effort by the World Bank to estimate migration and remittances numbers across the world, it said.&nbsp

The report does not include any mention of money laundering nor does it name any individuals,&nbspsaid the World Bank, which was issued after media reports cited its annual report for allegations that Sharif laundered $4.9 billion from Pakistan to India.&nbsp

In its annual report, the statement said that the World Bank estimates bilateral remittances between countries using the methodology summarised in the World Bank Working Paper 102 South-South migration and remittances by the authors of the report.&nbsp

The World Bank also referred to a statement by the State Bank of Pakistan which rejects estimates of $4.9 billion in remittances from Pakistan to India on September 21, 2016, and provides an explanation of the methodology used in the World Bank report and the official remittances numbers. &nbsp

The World Bank also referred to a statement by the State Bank of Pakistan which rejects estimates of $4.9 billion in remittances from Pakistan to India on September 21, 2016

The World Bank today described as "incorrect" media reports in Pakistan about allegations that former prime minister Nawaz Sharif laundered $4.9 billion to India. In the past day, there have been media reports citing the World Bank's Remittances and Migration Report of 2016. These media reports were "incorrect", the World Bank said in a statement here. The World Bank's Remittances and Migration Report is an effort by the World Bank to estimate migration and remittances numbers across the world, it said. The report does not include any mention of money laundering nor does it name any individuals,&nbspsaid the World Bank, which was issued after media reports cited its annual report for allegations that Sharif laundered $4.9 billion from Pakistan to India. In its annual report, the statement said that the World Bank estimates bilateral remittances between countries using the methodology summarised in the World Bank Working Paper 102 South-South migration and remittances by the authors of the report. The World Bank also referred to a statement by the State Bank of Pakistan which rejects estimates of $4.9 billion in remittances from Pakistan to India on September 21, 2016, and provides an explanation of the methodology used in the World Bank report and the official remittances numbers.

Reports linking Nawaz Sharif laundering $4.9 billion to India 'incorrect': World Bank

India needs to create 8.1 million jobs a year to maintain its employment rate, said a World Bank report which projected the country's growth to accelerate to 7.3 per cent in the current financial year.

It has projected the growth rate to increase further to 7.5 per cent in the following two years.

The report also said that India has recovered from the withdrawal of large denomination bank notes in November 2016 and Goods and Services Tax (GST), rolled out on July 1, 2017.

In its twice-a-year South Asia Economic Focus (SAEF) titled 'Jobless Growth?', the bank also said that the area has regained its lead as the fastest growing region in the world, supported by recovery in India.&nbsp

"Growth is expected to accelerate from 6.7 in 2017 to 7.3 per cent in 2018 and to subsequently stabilise supported by a sustained recovery in private investment and private consumption," it said, referring to India.&nbsp

The report projected the country's growth to further accelerate to 7.5 per cent in 2019-20 and 2020-21 and suggested that New Delhi should strive to accelerate investments and exports to take advantage of the recovery in global growth.&nbsp

"Every month, the working age increases by 1.3 million people and India must create 8.1 million jobs a year to maintain its employment rate, which has been declining based on employment data analyzed from 2005 to 2015, largely due to women leaving the job market," it said.

SAEF finds that the South Asia region could even extend its lead over East Asia and the Pacific.&nbsp

Much of the progress, however, is driven by India's growth rebound and is not consistent across countries. Despite accelerating global growth and trade, exports remain weak. Progress on fiscal consolidation is slow, and deficits are high.

The report argues that growth alone will not be enough to attain the higher employment rates enjoyed by other developing countries, especially among women.&nbsp

More than 1.8 million young people will reach working age every month in South Asia through 2025 and the good news is that economic growth is creating jobs in the region,&nbspsaid Martin Rama, World Bank South Asia Region Chief Economist.

But providing opportunities to these young entrants while attracting more women into the labour market, will require generating even more jobs for every point of economic growth, Rama added.

India needs to create 8.1 million jobs a year to maintain its employment rate, said a World Bank report which projected the country's growth to accelerate to 7.3 per cent in the current financial year

India needs to create 8.1 million jobs a year to maintain its employment rate, said a World Bank report which projected the country's growth to accelerate to 7.3 per cent in the current financial year. It has projected the growth rate to increase further to 7.5 per cent in the following two years. The report also said that India has recovered from the withdrawal of large denomination bank notes in November 2016 and Goods and Services Tax (GST), rolled out on July 1, 2017. In its twice-a-year South Asia Economic Focus (SAEF) titled 'Jobless Growth?', the bank also said that the area has regained its lead as the fastest growing region in the world, supported by recovery in India. "Growth is expected to accelerate from 6.7 in 2017 to 7.3 per cent in 2018 and to subsequently stabilise supported by a sustained recovery in private investment and private consumption," it said, referring to India. The report projected the country's growth to further accelerate to 7.5 per cent in 2019-20 and 2020-21 and suggested that New Delhi should strive to accelerate investments and exports to take advantage of the recovery in global growth. "Every month, the working age increases by 1.3 million people and India must create 8.1 million jobs a year to maintain its employment rate, which has been declining based on employment data analyzed from 2005 to 2015, largely due to women leaving the job market," it said. SAEF finds that the South Asia region could even extend its lead over East Asia and the Pacific. Much of the progress, however, is driven by India's growth rebound and is not consistent across countries. Despite accelerating global growth and trade, exports remain weak. Progress on fiscal consolidation is slow, and deficits are high. The report argues that growth alone will not be enough to attain the higher employment rates enjoyed by other developing countries, especially among women. More than 1.8 million young people will reach working age every month in South Asia through 2025 and the good news is that economic growth is creating jobs in the region,&nbspsaid Martin Rama, World Bank South Asia Region Chief Economist. But providing opportunities to these young entrants while attracting more women into the labour market, will require generating even more jobs for every point of economic growth, Rama added.

India must create 8.1 million jobs annually, says World Bank report

Widening inequality in Asia&#39;s teeming cities could lead to potentially risky social divisions, the World Bank warned Tuesday, urging governments to do more to help the urban poor.

Half of the region&#39;s population live in cities and rapid urbanisation has helped lift 655 million people out of poverty, the bank said in a new report.

But East Asia and the Pacific are still home to the world&#39;s biggest population of slum dwellers at 250 million, sizeable portions of them found in China, Indonesia and the Philippines, the bank said.

While studies on inequality often focus on the disparity between urban and rural areas, the expanding chasm among city dwellers was a major problem, it said.

Victoria Kwakwa, the bank&#39;s vice president for the region, said a growing number of people who move to cities lack access to basic services, housing and jobs, which was creating growing resentment over the gulf between urban rich and poor.

&quot;Widening inequalities can create social divisions in society and it&#39;s much more stark in cities because you have the wealthy living right next door too often to the urban poor in small spaces,&quot; said Judy Baker, the bank&#39;s urban specialist and the report&#39;s lead author.

&quot;We&#39;ve seen in other parts of the world that this can create some unrest,&quot; she told AFP.

The bank urged governments to craft policies targeted at connecting the urban poor with job markets, ensuring quality and affordable housing and access to services such as public transport.

In the Mongolian capital Ulan Bator, low-income commuters can spend as much as 36 percent of their monthly expenses on bus fare because of inefficient public transport, the bank said.

In Indonesia, 27 percent of the urban population do not have access to sanitation facilities, higher than 21 percent in the Philippines, it said.

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According to the report, half of the region's population lives in cities and rapid urbanisation has helped lift 655 million people out of poverty

Widening inequality in Asia's teeming cities could lead to potentially risky social divisions, the World Bank warned Tuesday, urging governments to do more to help the urban poor. Half of the region's population live in cities and rapid urbanisation has helped lift 655 million people out of poverty, the bank said in a new report. But East Asia and the Pacific are still home to the world's biggest population of slum dwellers at 250 million, sizeable portions of them found in China, Indonesia and the Philippines, the bank said. While studies on inequality often focus on the disparity between urban and rural areas, the expanding chasm among city dwellers was a major problem, it said. Victoria Kwakwa, the bank's vice president for the region, said a growing number of people who move to cities lack access to basic services, housing and jobs, which was creating growing resentment over the gulf between urban rich and poor. "Widening inequalities can create social divisions in society and it's much more stark in cities because you have the wealthy living right next door too often to the urban poor in small spaces," said Judy Baker, the bank's urban specialist and the report's lead author. "We've seen in other parts of the world that this can create some unrest," she told AFP. The bank urged governments to craft policies targeted at connecting the urban poor with job markets, ensuring quality and affordable housing and access to services such as public transport. In the Mongolian capital Ulan Bator, low-income commuters can spend as much as 36 percent of their monthly expenses on bus fare because of inefficient public transport, the bank said. In Indonesia, 27 percent of the urban population do not have access to sanitation facilities, higher than 21 percent in the Philippines, it said.

Urban inequality a growing risk in Asia: World Bank