The United States on Friday named its candidate to lead the World Bank (WB), but this time the selection is not a solo any more. U.S. Secretary of State Hillary Clinton (1st L), Dartmouth College President Jim Yong Kim (2nd L) and U.S. Secretary of the Treasury Timothy Geithner (1st R) listen while U.S. President Barack Obama speaks in the Rose Garden of the White House in Washington D.C., capital of the United States, March 23, 2012. Obama on Friday nominated the Korean-American physician Jim Yong Kim to head the World Bank, succeeding outgoing Robert Zoellick. (Xinhua/Zhang Jun) Two candidates endorsed by developing countries unprecedentedly challenged the U.S. monopoly on the top post of the WB, the leading global financial institution for fighting poverty and supporting development. SURPRISE PICK As the deadline loomed, U.S. President Barack Obama announced the nomination of Jim Yong Kim, a Korean-American global health expert, as candidate to replace outgoing Robert … [Read more...] about U.S. monopoly on World Bank presidency challenged
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Race picks up to head World Bank
The race to succeed World Bank President Robert Zoellick is heating up with the emergence of the first declared candidate, another American. Renowned economist Jeffrey Sachs, who led the UN committee on the Millennium development goals, threw his hat in the ring Friday in a Washington Post op-ed piece, saying the World Bank needs an expert like himself rather than another politician or Wall Street banker. Sachs's declaration came amid signs the United States is eyeing others for the high-profile job. "The United States signaled that it was looking at the possibility of nominating (Treasury Secretary Timothy) Geithner, (one of his predecessors Larry) Summers, or someone from the private sector like (Pimco chief executive) Mohamed El-Erian," said a person close to the World Bank, who spoke on condition of anonymity. Those three have remained mum on their interest in heading the global development lender. Secretary of State Hillary Clinton also has been widely mentioned in the … [Read more...] about Race picks up to head World Bank
World Bank sharply lowers global economic growth rate amid eurozone risks
With global economic growth prospects dampened by the ongoing eurozone crisis, the World Bank has sharply lowered its global economic growth forecast and suggested effective policy actions from different countries. The Washington-based organization on Tuesday lowered its global economic growth rate prediction to 2.5 percent in 2012 from its previous estimate of 3.6 percent in June 2011. Developing countries should prepare for further downside risks, as the eurozone debt problems and weakening growth in several big emerging economies are dimming global growth prospects, the World Bank said in its newly-released flagship report "Global Economic Prospects (GEP) 2012". "The world economy has entered a very difficult phase characterized by significant downside risks and fragility," the report said. The bank has lowered its growth forecast for 2012 to 5.4 percent for developing countries and 1.4 percent for high-income countries, down from its June estimates of 6.2 percent and … [Read more...] about World Bank sharply lowers global economic growth rate amid eurozone risks
World Bank predicts Vietnam’s 6.1 per cent growth in 2012
The World Bank has predicted that Vietnam's gross domestic product will increase 6.1 per cent next year in its East Asia and Pacific Economic Update released on November 22. It said the real GDP growth rate in the first half of 2011 was 5.6 per cent, and is expected to be around 5.8 per cent for the whole year. Monthly inflation slowed to around 1 per cent since June 2011 as stabilisation measures began to take effect. However, inflation is unlikely to decline substantially in the near future because of factors such as commodity prices, minimum wage adjustments, possible hikes in electricity tariffs and market expectation of a more accommodating credit policy during the last quarter of the year. Trade deficit is expected to improve in 2011. Import growth has slowed as a result of stabilisation policies whereas export growth has remained robust helped by high commodity prices. Export earnings grew 33.7 per cent and the import bill increased 25.4 per cent in the first eight months … [Read more...] about World Bank predicts Vietnam’s 6.1 per cent growth in 2012
World Bank predicts 6.1% growth
HA NOI — The World Bank has predicted that Viet Nam's gross domestic product would increase 6.1 per cent next year in its East Asia and Pacific Economic Update released yesterday. It said the real GDP growth rate in the first half of 2011 was 5.6 per cent, and is expected to be around 5.8 per cent for the whole year. Monthly inflation slowed to around 1 per cent since June 2011 as stabilisation measures began to take effect. However, inflation is unlikely to decline substantially in the near future because of factors such as commodity prices, minimum wage adjustments, possible hikes in electricity tariffs and market expectation of a more accommodating credit policy during the last quarter of the year. Trade deficit is expected to improve in 2011. Import growth has slowed as a result of stabilisation policies whereas export growth has remained robust helped by high commodity prices. Export earnings grew 33.7 per cent and the import bill increased 25.4 per cent in the first … [Read more...] about World Bank predicts 6.1% growth