Posts Tagged World Bank
Full text: G20 Communiqué of the Meeting of Finance Ministers and Central Bank Governors
Posted by Oksana Grebenjuk in Favourites, Trading Markets on Ноябрь 3rd, 2010
Communiqué Meeting of Finance Ministers and Central Bank Governors, Gyeongju, Republic of Korea
Gyeongju, Korea, October 23, 2010
1. We, the G20 Finance Ministers and Central Bank Governors, met with a sense of urgency to fully address the economic challenges facing us today in preparation for the Seoul Summit.
2. The global economic recovery continues to advance, albeit in a fragile and uneven way. Growth has been strong in many emerging market economies, but the pace of activity remains modest in many advanced economies. Downside risks remain and are different from country to country and region to region. Yet, given the high interdependence among our countries in the global economic and financial system, uncoordinated responses will lead to worse outcomes for everyone. Our cooperation is essential. We are all committed to play our part in achieving strong, sustainable and balanced growth in a collaborative and coordinated way. Specifically, we will:
? pursue structural reforms to boost and sustain global demand, foster job creation and increase growth potential; complete financial repair and regulatory reforms without delay;
· ? in advanced countries, formulate and implement clear, credible, ambitious and growth-friendly medium-term fiscal consolidation plans in line with the Toronto Summit commitments, differentiated according to national circumstances. We are mindful of the risks of synchronized adjustment on the global recovery and of the risks that failure to implement consolidation, where immediately necessary, would undermine confidence and growth; Read the rest of this entry »
World Bank cuts Russia GDP forecast to — 7.9 pct in 2009
Posted by Oksana Grebenjuk in Currency on Июнь 25th, 2009
The Russian economy will shrink by 7.9 percent in 2009, the World Bank said on Wednesday, a much sharper contraction than the 4.5 percent it forecast earlier.
The Russian economy contracted by 10.2 percent in January-May 2009, according to Economy Ministry estimates, and First Deputy Prime Minister Igor Shuvalov told Reuters on Tuesday the annual contraction may reach 9 percent.
«Given a much larger gross domestic product contraction in the first quarter of 2009 than anticipated, Russia’s economy is likely to contract by 7.9 percent in 2009, despite higher oil prices assumed in the current forecast,» the World Bank said in its quarterly country report.
Russia, the world’s largest energy producer, has been hit hard by the plunge in global demand for commodities, while its banks and many businesses that had borrowed heavily abroad have been squeezed by the global credit crunch.
The World Bank forecast Russia’s jobless rate to rise to 13 percent by the end of this year, from its 9.9 percent May level, and projected Russia would return to «moderate growth» of 2.5 percent in 2010 and 3.5 percent in both 2011 and 2012. It said the economic recovery will be «gradual and prolonged». Read the rest of this entry »
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