To strengthen Phl economic recovery, World Bank cites need for more FDIs

Appearing recently before the economic press for the East Asia and Pacific Region, officials of the World Bank made an assessment of recent economic recovery among countries in the region......»»

Category: financeSource: philstar philstarJul 20th, 2021

World Bank: Philippines needs reforms on FDI

The Philippines should expedite the passage of key reform measures that would boost foreign direct investments (FDIs) and aid the country in its long-term recovery from the pandemic, the World Bank said......»»

Category: financeSource:  philstarRelated NewsJul 15th, 2021

World Bank trims Philippine growth forecast to 4.7%

The World Bank continued to be less bullish on economic recovery for the Philippines as it further downgraded the country’s growth forecast this year due to the resurgence of COVID-19 cases and reimposition of strict lockdowns......»»

Category: financeSource:  philstarRelated NewsJun 8th, 2021

Slow rollout threatens recovery bid& mdash;WB

The World Bank warned on Friday that slow vaccinations in the Philippines due to people’s hesitancy on the vaccines and the government’s struggle to conduct large-scale inoculations could delay economic recovery and take away 1-percentage point from the potential gross domestic product growth this year......»»

Category: newsSource:  thestandardRelated NewsMar 27th, 2021

Uncertain economic outlook

The World Bank, true to its conservative approach, is not overly optimistic about the global economic recovery this year, despite the vaccine rollout......»»

Category: lifestyleSource:  abscbnRelated NewsJan 8th, 2021

World Bank: Less trade barriers to hasten global economic rebound

The World Bank is encouraging the lowering of trade barriers across economies to support recovery and uphold living standards amid the pandemic......»»

Category: financeSource:  philstarRelated NewsOct 16th, 2020

Latin America to bear worst impact from coronavirus: World Bank

Latin America and the Caribbean will suffer the worst economic and health impact from the coronavirus, the World Bank said Friday, forecasting a nearly 8.0 percent drop in regional GDP. “Our region is suffering the worst economic and health impacts of Covid-19 of anywhere in the world,” according to Carlos Felipe Jaramillo, the Bank’s regional vice president. He said the findings in the report “calls for clarity on how to combat the pandemic and put the economies back on track for a swift recovery.”  In its report, “The Cost of Staying Healthy” the Bank addresses the impact of the pandemic in a region with with high Covid-19 mortality and infection rates such as Brazil, Mexico and Peru. “The number of deaths per million people is as high as in advanced economies, if not more, but the resources available to counter the shock are much more constrained,” it said.  The bank forecasts a recovery with growth of 4.0 percent in 2021. The report forecasts a region-wide 7.9 percent drop in GDP, a slightly more negative outlook for 2020 than its last assessment in June of a likely 7.2 percent contraction. Crisis-wracked Venezuela — in acute recession for several years and with a government that at least 50 countries refuse to recognize — is not taken into account in the figures. The Covid-related economic crisis follows “several years of disappointing economic growth and limited progress on social indicators, and right after a wave of social unrest,” the report said. “The social damage is immense” the institution warned, adding that unemployment rates had soared across the region, “sometimes substantially.”  Surveys conducted in 13 countries in the region showed that the share of households suffering a decline in income is higher than the share experiencing job losses, it said. The findings suggest that “the impact of the crisis is not only severe but also potentially long-lasting.”.....»»

Category: newsSource: NewsOct 9th, 2020

Africa needs $1.2 tn of financing to beat Covid-19 hit: IMF

African countries will need $1.2 trillion through 2023 to repair the economic damage inflicted by the coronavirus pandemic, IMF Managing Director Kristalina Georgieva said Friday. About $345 billion in financing has not yet been pledged, Georgieva said in a speech, while commitments from official lenders and international institutions cover less than a quarter of the projected need. “All of us — countries and institutions — must do more to support Africa to cope with the next phase, which is building a recovery from this crisis,” Georgieva said. The Washington-based crisis lender estimates Africa will see its GDP contract 2.5 percent in 2020, one of the worst downturns the continent has ever seen. And while recovery will begin next year, pre-crisis levels of growth won’t be reached until 2022. With private sector financing limited, the IMF projects a funding gap of $44 billion for this year alone, and 43 million people could be pushed into extreme poverty on the continent, wiping out five years of progress in poverty reduction. The IMF has significantly increased its financial assistance to the continent, providing about $26 billion to more than 40 countries this year, while the World Bank has provided around $21.9 billion in loans. African countries have more than a million cases of Covid-19 with 23,000 deaths, the IMF said......»»

Category: newsSource: NewsOct 9th, 2020

Digital technologies help in PH recovery

The rapid adoption of digital technologies can help the Philippines overcome the impact of the COVID-19 pandemic, recover from the crisis and achieve its vision of becoming a middle-class society free of poverty, according to a report released Monday by the World Bank and the National Economic and Development Authority......»»

Category: financeSource:  thestandardRelated NewsOct 5th, 2020

We now start planning for economic recovery

    THE Philippines, along with the rest of the world, suffered considerable contraction of its economy because of the COVID-19 pandemic. In its October, 2020, Economic Update for East Asia and the Pacific, the World Bank said it expects the Philippine economy to contract by 6.9 percent in 2020. But it should rebound to […].....»»

Category: newsSource:  tempoRelated NewsOct 4th, 2020

Growth of economic activities in Europe and the United States so far in 2021 | international

Most of the world is already on the way to recovery, with big rallies expected during 2021. However, The speed of this reactivation is not.....»»

Category: newsSource:  thedailyguardianRelated NewsJul 24th, 2021

ADB pushes green financing for MSMEs

The Philippine’s micro, small and medium enterprises need greater access to green financing to ensure their bounceback and help in the country’s overall economic recovery, according to the Asian Development Bank......»»

Category: newsSource:  philstarRelated NewsJul 22nd, 2021

Government fuels growth of bond market in Q1

The domestic bond market expanded in the first quarter, fueled by government-led issuances for pandemic relief and economic recovery, Manila-based Asian Development Bank said......»»

Category: financeSource:  philstarRelated NewsJun 26th, 2021

World Bank okays P19.5-billion loan to support PH reforms

The World Bank approved on Friday a $400-million (around P19.5-billion) loan to support reforms that will assist the Philippine government in achieving a resilient financial sector and help ensure a more inclusive recovery from the COVID-19 pandemic......»»

Category: financeSource:  thestandardRelated NewsJun 25th, 2021

Philippines secures fresh World Bank loan for financial sector upgrade

The Philippines on Friday secured a $400-million (P19.5 billion) loan from the World Bank to fund projects that would strengthen the country’s financial sector in the face of coronavirus fallout......»»

Category: financeSource:  philstarRelated NewsJun 25th, 2021

Bank profits to remain below pre-COVID-19 levels

Profit and lending of Philippine banks are likely to remain below pre-pandemic levels amid the expected uneven economic recovery from the impact of the global health crisis, Moody’s Investors Service said......»»

Category: financeSource:  philstarRelated NewsJun 24th, 2021

Better social infrastructure pushed post-COVID-19

The Philippines should prioritize social infrastructure in a post-pandemic world especially as the health crisis highlighted economic inequality among people, Tokyo-based Asian Development Bank Institute said......»»

Category: financeSource:  philstarRelated NewsJun 17th, 2021

ING sees slower Q2 recovery

Dutch financial giant ING Bank has slashed to 11 percent its second quarter economic growth forecast for the Philippines from the original target of 14 percent due to the imposition of mobility restrictions during the review period......»»

Category: financeSource:  philstarRelated NewsJun 8th, 2021

Green, social financing to aid in COVID-19 recovery

Investments focused on achieving positive environmental and social outcomes are expected to aid in the economic recovery in Asia-Pacific, the Asian Development Bank said......»»

Category: financeSource:  philstarRelated NewsMay 19th, 2021

World Bank seeks policies to integrate informal sector into mainstream

The World Bank has urged governments in East Asia and the Pacific to widen social protections and reduce regulatory burdens plaguing the informal sector, paving the way for its integration into the economic mainstream......»»

Category: financeSource:  philstarRelated NewsMay 12th, 2021

Philippines remains in recession in first quarter

The country remained in recession in the first quarter as the resurgence of COVID cases and delayed vaccine rollout prompted the government to reimpose strict lockdowns, essentially putting a lid on economic recovery, top bank economists said......»»

Category: financeSource:  philstarRelated NewsMay 6th, 2021