World Bank President Ajay Banga on ‘Perfect Storm’ of Crises | DW News

Nov 21, 2023 | World Bank CEO Ajay Banga says the world is facing a ‘perfect storm’ of crises and that he is reforming his institution to tackle them. In an interview with DW, he discusses plans to boost lending capabilities, assess risk in a different way and the new mission to eradicate poverty on a livable planet. He also explains how he sleeps at night against a backdrop of multiple challenges: climate change, food insecurity, growing poverty and pandemics. In addition, Banga shares his reaction to Argentina’s new far-right president Javier Milei’s intention to scrap his country’s central bank. Finally, he defines how success looks for him.

World Bank Warns Oil Price Could Soar to Record $150 a Barrel

GUARDIAN US: Escalation of Israel-Hamas war into Middle East-wide conflict would disrupt oil supplies and stoke food prices, says Bank

Oil prices could soar to a record high of more than $150 a barrel if the war between Israel and Hamas leads to a repeat of the full-scale conflict in the Middle East witnessed 50 years ago, the World Bank has warned.

In the first major assessment of the economic risks of an escalation of the war beyond Gaza’s borders, the World Bank said there was a risk of the cost of crude entering “uncharted waters”.

A “large disruption” scenario comparable with the Arab oil boycott of the west in 1973 would create supply shortages that would lead to the price of a barrel of oil increasing from about $90 to between $140 and 157. The previous record – unadjusted for inflation – was $147 a barrel in 2008.

“The latest conflict in the Middle East comes on the heels of the biggest shock to commodity markets since the 1970s – Russia’s war with Ukraine,” said Indermit Gill, the World Bank’s chief economist. “That had disruptive effects on the global economy that persist to this day. » | Larry Elliott, Economics editor | Monday, October 30, 2023

'Ridiculous': Report Ivanka Trump Could Lead World Bank Meets Scorn

THE GUARDIAN: First daughter’s name said to be ‘floating around Washington’ but it wouldn’t be her first unconventional role

The Financial Times reported on Friday that the name of Ivanka Trump is “floating around Washington” regarding the need for a new president of the World Bank.

The role will soon be open due to the surprise departure of the current president, Jim Yong Kim. But on politics Twitter, at least, the idea that his replacement might be the first daughter met with widespread derision.

“Of all the people in US who could be World Bank President,” tweeted California Congressman Ted Lieu, sarcastically, “the most qualified is Ivanka Trump, who lost her fashion line & happens to be the daughter of @POTUS. I see.” » | Jamiles Lartey in New York | Saturday, January 12, 2019

Prepare for a Slowdown: World Bank Says Tide Is Turning for Global Growth

Reasons to Be Cheerful: World Bank Forecasts Growth Picking Up in 2017

Hillary Clinton Interested in Becoming Head of World Bank?

THE DAILY TELEGRAPH: US Secretary of State Hillary Clinton has been in discussions with the White House about leaving her job next year to become head of the World Bank, sources familiar with the discussions said on Thursday.

The former first lady and one-time political rival to President Barack Obama quickly became one of the most influential members of his cabinet after she began her tenure at State in early 2009.

She has said publicly she did not plan to stay on at the State Department for more than four years.

Associates in the USA say Mrs Clinton has expressed interest in having the World Bank job should the Bank's current president, Robert Zoellick, leave at the end of his term, in the middle of 2012.

"Hillary Clinton wants the job," said one source who knows the secretary well.

A second source also said Clinton wants the position.

A third source said Mr Obama has already expressed support for the change in her role.

It is unclear whether Obama has formally agreed to nominate her for the post, which would require approval by the 187 member countries of the World Bank.

The White House declined to comment. » | Thursday, June 09, 2011

Another job for the boys (or girls)! For top jobs, experience seems not to matter. It’s all about strings being pulled. – © Mark

World Bank Warns of Social Discontent in Russia
THE TELEGRAPH: The World Bank has given warning of serious social discontent in Russia after delivering a bleak assessment of the country's economy.

World Bank warns of social discontent in Russia. Photo courtesy of The Telegraph
Scotching optimism that the world's largest country may already be in recovery, the bank predicted that Russia's economy is contracting far more sharply than the Kremlin has acknowledged.

According to revised government forecasts, the Russian economy will shrink by 2.2pc this year. But it its latest economic report on Russia, the World Bank predicts that Gross Domestic Product will actually contract by 4.5pc.

The assessment comes as foreign investors focussed on emerging markets again start to flirt with Russia after months of record capital flight in the wake of last August's war with Georgia and a collapse in the price of oil.

The Russian stock exchange's benchmark RTS index has gained over 30pc this year alone, outpacing most emerging markets, after a modest recovery in oil and metal prices.

But Zeljko Bogetic, the World Bank's lead Russia economist, cautioned against such optimism.

"As the crisis continues to spread to the real economy around the world, initial expectations that Russia and other countries will recover fast are no longer likely," he said. >>> By Adrian Blomfield in Moscow | Monday, March 30, 2009

The Dawning of a New Dark Age (Paperback & Hardback) – Free delivery >>>

Yemen 'Faces Crisis as Oil Ends'
BBC: Yemen is facing an economic and political crisis as the country's oil resources near exhaustion, a report by a London-based think-tank says.

The Royal Institute for International Affairs warns that instability there could expand a zone of lawlessness from northern Kenya to Saudi Arabia.

It describes Yemen's democracy as "fragile" and points to armed conflicts with Islamists and tribal insurgents.

One diplomat says that the country's prospects get worse every month.

The World Bank predicts that Yemen's oil and gas revenues will plummet over the next two years and fall to zero by 2017 as supplies run out.

Given that they provide around 90% of the country's exports, this could be catastrophic.

An unnamed energy expert is quoted in the report as saying that this points to economic collapse within four of five years time. >>> By Martin Plaut, BBC News | November 20, 2008

The Dawning of a New Dark Age (Paperback & Hardback) – Free delivery >>>