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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.

President Obama on Friday nominated Dartmouth College President Jim Yong Kim, a physician and anthropologist by training, to succeed Robert Zoellick as the next president of the World Bank.

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 World Bank is moving to prop up the European banking system in response to the crisis in the region, echoing the steps it took during the 2008 world crisis and reflecting heightening fear that the euro’s problems are starting to crimp 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.

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