Jim Yong Kim, President of the World Bank, says the organization has a good relationship with Ukraine and Russia but the G20 meeting needs to help "turn down the heat" in the crisis.» Read More
The summer of 2012 is looking like an “eerie” echo of 2008 but euro zone sovereign debt has replace mortgages as the risky asset class that markets are anxious about, said Robert Zoellick, President of the World Bank.
China stocks may trade lower on Thursday, weighed down by uncertainties about the global economy and China's own fiscal policy response.
The world has "hopefully" gotten through the worst in terms of what some analysts have called "currency wars," according to Chad P. Bown, senior economist at the World Bank's Development Research Group, Trade and International Integration.
The World Bank said Monday that Dartmouth College President Jim Yong Kim will become its next president.
Nigeria's Ngozi Okonjo-Iweala, one of three candidates for the top job at the World Bank, says creating jobs is the most important challenge facing the organization's member countries, and that requires investments in a number of sectors such as infrastructure and agriculture.
Jim Yong Kim, the US nominee to head the World Bank, is coming under fire over a book he co-authored that criticises “neoliberalism” and “corporate-led economic growth”, arguing that in many cases they had made the middle classes and the poor in developing countries worse off.
Robert Zoellick, the outgoing president of the World Bank, has backed the creation of a Brics bank, saying the need for such an institution highlights the dangers of existing multilateral organisations failing to mobilise sufficient resources to support large developing countries.
Annoucing his nominee, President Obama said, "It's time for a development professional" to lead the world's largest development agency.
The prospect of the World Bank being led by someone from outside the U.S. for the first time seemed nearer on Friday, as several African nations backed Nigerian Finance Minister Ngozi Okonjo-Iweala for the job.
The world has achieved its first Millennium Development Goal of cutting extreme poverty in half ahead of the 2015 deadline, a study by the World Bank shows, the NYT reports.
The Brookings Institution analyzed the financial data of the world’s largest metropolitan areas and uncovered some interesting findings. Check out which cities were the most productive.
China should accelerate the loosening of capital controls, its central bank said, in a report outlining the path to a freely tradable currency and more open capital markets. The Financial Times reports.
If the World Bank is correct, 2012 will see the second slowest year of global economic growth in a decade, at a level consistent with a world recession that, like the 2008/2009 financial crisis, would not spare Asia.
"I think the idea that countries and regions can make policy independent of what else is going on in the world is pretty ludicrous, and yet we still seem to be presuming the best global policy is the arithmetic sum of some national policies. That's not working too well," Morgan Stanley Asia's nonexecutive chairman, Stephen Roach, told CNBC.
After a weekend of talks at the International Monetary Fund’s annual meeting in Washington over how best to deal with the euro zone debt crisis, we appear no closer to a resolution.
European policymakers, stung by criticism for failing to stem the euro zone debt crisis, began working on new ways to stop fallout from Greece's near-bankruptcy from potentially upsetting the world economy.
Lost in much of the rancor and hand-wringing over the debt crisis in the European Union and the US is that it's not just those two regions that will be affected.
The International Monetary Fund finds itself front-and-center in dealing with Europe’s debt crisis, urging banks to recapitalize and policymakers to begin to aggressively address the problem. In Asia, however, the Fund finds itself in a completely different role, limited to monitoring and consulting with economies that seem relatively sheltered—at least for now—from the global crisis.
The appointment of a former Chinese central bank official, Zhu Min as a deputy managing director at the IMF was meant to increase Asia's voice at the Fund. But some current and former policymakers, say the region remains under-represented.
Christine Lagarde's leadership of the IMF is not quite three months- but there's simmering debate over whether the IMF can stage-manage the seemingly inevitable Greek debt default without turning it into a global financial crisis.