World Bank

April 15, 2024 6:19 PM

World Bank sounds alarm on ‘historical reversal’ of development for poorest nations

Half of the world's 75 poorest countries are experiencing a widening income gap with the wealthiest economies for the first time this century in a historical reversal of development, the World Bank said in a report on Monday. The differential between per capita income growth in the poorest countries and the richest has widened over the past five years, according to the report. The report said the 75 countries eligible for grants and zero-interest loans from the World Bank's International Devel...

India’s gems and jewellery sector shines amidst gold price surge

India shines brightly despite facing a whirlwind of events in 2023. With record-high gold prices, fluctuating diamond rates, and global tensions, the industry navigated through choppy waters while maintaining its dominance in exports. The latest India Development Update by the World Bank paints a promising picture, with India emerging as one of the fastest-growing major economies in FY 2022/23, boasting a growth rate of 7.2 per cent. Forecasts suggest continued growth, with a projected expansio...