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AI offers 'lifeline' for emerging economies, World Bank says

AI offers 'lifeline' for emerging economies, World Bank says

By Libby George LONDON, Aug 4 (Reuters) - Artificial intelligence could enable developing countries to gain a century's worth of development in a decade if they act quickly on power, connectivity and skills gaps, the World Bank said in a report on Tuesday.
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AIFOD Geneva Summit 2026 to Address AI Funding Challenges for Developing Nations

AIFOD Geneva Summit 2026 to Address AI Funding Challenges for Developing Nations

The AIFOD Geneva Summit 2026, scheduled for August 12-14 at the United Nations Office in Geneva, will focus on sustainable funding models for artificial intelligence (AI) in developing nations. The summit aims to address investment barriers and propose equitable pathways for AI deployment. Delegates from over 150 countries are expected to attend, including government officials, business leaders, and researchers. The event will explore strategies such as public-private partnerships and multilateral funding mechanisms to democratize AI access.
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World Bank Report Highlights Economic Threat of Heat Stress on Bangladesh's Garment Sector

World Bank Report Highlights Economic Threat of Heat Stress on Bangladesh's Garment Sector

A World Bank report has highlighted the severe economic impact of heat stress on Bangladesh's garment sector, estimating losses of up to $1.8 billion annually. The report, titled 'A Livable Future: Protecting Jobs and Growth from Extreme Heat in South Asia's Cities,' indicates that extreme heat is causing significant productivity losses, particularly in Dhaka, where it erases the equivalent of 465,000 full-time jobs each year. The garment sector, a major economic driver for Bangladesh, faces a multi-billion-dollar threat due to these conditions. The report also links heat stress to increased risks of violence and harassment against women workers in garment factories. The International Labour Organization, International Finance Corporation, and Cornell University's Global Labor Institute estimate that the apparel sectors in Bangladesh and other South Asian countries could lose up to $65.8 billion in export earnings by 2030 if the issue is not addressed.
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Labor Movement Faces Division Over AI Integration in Workplaces

Labor Movement Faces Division Over AI Integration in Workplaces

Labor Movement Faces Division Over AI Integration in Workplaces
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Pakistan Economic Survey 2025-26 Highlights Growth Amidst Challenges

Pakistan Economic Survey 2025-26 Highlights Growth Amidst Challenges

Pakistan Economic Survey 2025-26 Highlights Growth Amidst Challenges
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IMF Warns Governments on High Debt Leading to Financial Repression

IMF Warns Governments on High Debt Leading to Financial Repression

The International Monetary Fund (IMF) has issued a warning regarding the increasing reliance of governments on financial repression as a means to manage rising public debt. Financial repression involves policies that suppress returns on savings and lower borrowing costs, effectively channeling private savings into public debt. The IMF's report highlights that these measures have become more pronounced since the global financial crisis, with governments facing mounting fiscal pressures. The report notes that while debt restructuring is an option, it can damage a country's credit reputation and limit future access to international capital markets. As a result, financial repression is seen as a more attractive alternative, despite its risks to financial development, private investment, and long-term economic growth.
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Global Aid Decline Post-COVID-19 Raises Concerns for Developing Nations

Global Aid Decline Post-COVID-19 Raises Concerns for Developing Nations

The aftermath of the COVID-19 pandemic has led to a significant decline in global aid to developing countries. Official development assistance from the Organisation for Economic Co-operation and Development—Development Assistance Committee (OECD-DAC) peaked in 2023 at US$229.2 billion but experienced a 6.1 percent decline in 2024 and a 23.1 percent decline in 2025. This reduction in aid has raised concerns about a potential 'lost decade' for low-income countries, as highlighted by international organizations like the United Nations Conference on Trade and Development (UNCTAD) and the World Bank. The decline is attributed to budget cuts across developed nations, which are redirecting funds towards military expenditures amid geopolitical tensions, such as the Russia-Ukraine conflict and the Middle East war.
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Estonia Tops Global Relocation Index for 2026, Highlighting Banking and Business Opportunities

Estonia Tops Global Relocation Index for 2026, Highlighting Banking and Business Opportunities

Estonia has been ranked as the best country to relocate to in 2026 according to the Rumavi Global Relocation Index. The index evaluates 192 countries based on 24 metrics grouped into categories such as financial and tax, livability and health, safety and stability, and settling and opportunity. Estonia scored highly due to its robust banking infrastructure, business opportunities, and property rights for non-citizens. The index, which is released annually, uses data from sources like the World Bank and the Global Peace Index to assess factors such as affordability, political stability, and quality of life. Estonia's strengths include a high rating for currency and banking, business opportunities, and green spaces, although it scored lower on climate comfort due to its cold winters.
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US manufacturing activity jumps to more than four-year high in July

US manufacturing activity jumps to more than four-year high in July

WASHINGTON, Aug 3 (Reuters) - U.S. manufacturing activity increased to the highest level in more than four years in July amid strong order growth, boosting factory employment, though the Middle East conflict is straining supply chains and keeping input costs elevated.
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World Bank Classifies Economies by Income, Highlights Global Economic Shifts

World Bank Classifies Economies by Income, Highlights Global Economic Shifts

The World Bank has released its annual income classifications, categorizing 218 economies into four income groups based on gross national income per capita. The latest update shows that nearly 40% of the world's economies are now classified as high income. Six economies, including Vietnam and the Philippines, have moved to a higher income group, reflecting economic growth and recovery from the pandemic. The classifications are used by governments and organizations to inform policy and development strategies.
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IMF Upgrades Georgia's Growth Forecast Amid Anti-Corruption Efforts

IMF Upgrades Georgia's Growth Forecast Amid Anti-Corruption Efforts

The International Monetary Fund (IMF) has revised its growth forecast for Georgia upward, following the country's stronger-than-expected economic performance. Georgian Prime Minister Irakli Kobakhidze attributed this economic success to the elimination of corruption at the highest levels of government. According to Kobakhidze, Georgia's economic growth in the first half of the year significantly exceeded the IMF's initial forecast, with an average growth of 7.9% over six months and 8.6% in the latest reported month. The Prime Minister emphasized that the elimination of corruption has been a key factor in maintaining and increasing the pace of economic growth.
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World Bank's Income Group Classifications Highlight Economic Shifts and Challenges

World Bank's Income Group Classifications Highlight Economic Shifts and Challenges

The World Bank has released its latest annual income classifications, categorizing 218 global economies into four income tiers based on gross national income (GNI) per capita. This classification is updated annually to reflect inflation adjustments and new economic data. For the fiscal year 2027, six economies have moved to a higher income group, with none downgraded. Notably, Jordan, Micronesia, the Philippines, Sri Lanka, and Vietnam have advanced from lower-middle to upper-middle income status, while Togo has moved from low income to lower-middle income. These changes are attributed to sustained economic growth, post-pandemic recoveries, and updated statistical data. The classifications serve as a tool for governments and organizations to compare economies and guide development policies.