Damages stemming from the Port of Beirut blast earlier this month are expected to amount to between USD 6.7 billion and USD 8.1 billion according to a Rapid Damage and Needs Assessment made available by the World Bank this Monday (31). A new prime minister has been appointed after Hassan Diab stepped down.
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The country’s economy is expected to slide by 7.6% to 11% this year as a result of the novel coronavirus, but international support and access to technology can improve the scenario.
World Bank forecasts a 0.6% growth for the Middle East and North Africa this year, down from 1.4% estimated in April. Oil production cuts and geopolitical tension are some of the reasons.
Six of the region’s economies are among the top 20 improvers in the World Bank’s ease of doing business list: Bahrain, Djibouti, Jordan, Kuwait, Qatar and Saudi Arabia.
World Bank resources will finance reforms, balance the budget, and boost growth and job creation in the country, which suffers from the high cost of energy and a large inflow of Syrian refugees.
The Bank has revised down its forecast for Brazilian GDP growth this year in 0.7 percentage point, to 1.5%.
Sabah Al-Ahmad Al-Jaber Al-Sabah was awarded a certificate of merit for the work he has done for international economic and social development.
According to the institution, global economic growth will reduce from the 3% of last year to 2.9% this year. Brazil may grow 2.2% if reforms are passed.
The institution announced a new loan program. The primary focus will be on promoting small businesses, which account for most of the jobs in the country.
The World Bank released a report this Wednesday. Brazil went from 125th to the 109th position. The UAE is among the top 20 countries for the first time.
The credit line will finance reforms for private investments promotion, small businesses, social program and alternative energy.
Annual meetings are held in the USA two years back-to-back and then in a different country every third year. Indonesia will be the host in October 2018.
