Economy, World Bank | featured news

Sub-Saharan Africa's economic growth is set to outpace the global average over the next three years, according to the World Bank. Higher commodities, increasing investment and a general pick-up in the world economy should all boost the continent's growth to more than 5%.

Leaders of the five BRICS nations fueling global economic growth plan the creation of a development bank in a direct challenge to the World Bank that they accuse of Western bias.

World Bank President Robert Zoellick said he plans to step down in June at the end of a five-year term in which he led the institution through a volatile period in the global economy.

The head of the World Bank said Wednesday the world had entered a new economic danger zone and that Europe, Japan and the United States all need to make hard decisions to avoid dragging down the global economy.

Markets are in a "new danger zone" as investors have lost confidence in the economic leadership of several countries, the World Bank president says.

World Bank President Robert Zoellick on Tuesday unveiled $6 billion in funding to help Tunisia and Egypt address budget and reserve shortfalls this year and next, following popular uprisings that ended years of dictatorships but which have caused economic stress.

Underscoring the risk that hopes for a quick turnaround may be premature, the World Bank said Thursday that it expected the global economy to shrink nearly 3 percent in 2009, far deeper than the 1.7 percent contraction it ...

Developing nations face budget shortfalls of up to $700B in 2009 due to global financial crisis.