Trade conflict between the world's two largest economic powers already is inflicting collateral damage and threatens to do yet more harm to the global economy, the World Bank warned Tuesday.And the global slowdown is beginning as government and corporate debt rise, especially among the poorest countries, while mounting interest rates increase borrowing costs, the bank said in its semi-annual Global Economic Prospects report.The report was markedly more pessimistic than a year ago – when

Until 1953, Lao PDR was a French colony. Following a successful overthrow of the country’s monarchy in the mid-seventies by communist forces, Lao PDR then spent years in isolation.

Doing business in the Philippines could become a lot easier in the near future. After the country’s dismal performance in the World Bank’s “Doing Business 2018: Reforming to Create Jobs” index, the country is determined to turn things around and improve business conditions there. Released at the end of last year, the report from the World Bank revealed that the Philippines has dropped 14 places – from 99th to 113th – in the ease of doing business list.

China's massive Belt and Road Initiative (BRI) building push may create debt risks but is also responding to major infrastructure gaps in Asia and could boost global trade, World Bank officials say.The relatively upbeat assessment of a sometimes-controversial programme comes despite the debt crisis now faced by Pakistan, a recipient of massive Chinese loans.China launched the ambitious plan in 2013 under President Xi Jinping, seeking to link Asia, Europe and Africa with a network of port

Rising United States (US) interest rates, tanking emerging market currencies and a bitter US-China trade spat could push the world towards its next financial crisis but there is still time to avert disaster, global finance chiefs have said.The world economy is still growing but faces an "unprecedented" combination of threats, the International Monetary Fund (IMF) cautioned at an annual meeting with the World Bank in Bali this week.Among them is growing protectionism championed by th

The wealth of nations is often measured by its physical, natural and institutional resources. Seldom, if ever, are their human capital considered as economic resources. When the International Monetary Fund (IMF) or World Bank offer financial aid, they usually impose conditions to limit public spending on health and education.That approach may be revised in future as the World Bank has recognised the value of human capital to a nation’s economic future.

World leaders need to fix global trading systems instead of trying to tear them down, International Monetary Fund (IMF) chief Christine Lagarde said Wednesday, in a rebuke to nationalist politicians pushing tariffs and protectionism.Her comments come as a trade spat between China and the United States (US) threatens economic growth around the world, with IMF experts warning of "new vulnerabilities" in the global system."We need to work together to de-escalate and resolve the cu

A decade after the guardians of the world economy united to save it from depression, the scope for such shock-and-awe policies has all but dried up.It was 10 years ago on Monday that the Federal Reserve (Fed) and five fellow central banks banded together for a rare coordinated interest rate cut.

Until 1953, Lao PDR was a French colony. Following a successful overthrow of the country’s monarchy in the mid-seventies by communist forces, Lao PDR then spent years in isolation. After the fall of the Berlin Wall in 1989, this small landlocked nation soon began opening its doors to the rest of the world.

The World Bank will scale back loans to China. No matter, China wins anyway.That's because China will boost its shareholding in the Washington-based lender, under a capital increase approved by bank members late last month. The U.S. and Japan will each see their stakes trimmed a tad, though they will remain the two biggest voting shares.The World Bank was created by wealthy countries in 1944, to rebuild a war-shattered world and to reduce global poverty by lending to developing nations.