Five Horn of Africa countries have launched an initiative to forge closer economic ties, building on the improving political climate in the sub-region.
Governments of 115 economies around the world launched 294 reforms over the past year to make doing business easier for their domestic private sector, paving the way for more jobs, expanded commercial activity, and higher incomes for many, according to the World Bank Group’s Doing Business 2020 study.
Total external debt of low- and middle-income countries climbed 5.3 percent to $7.8 trillion last year, while net debt flows (gross disbursements minus principal payments) from external creditors tumbled 28 percent to $529 billion, the World Bank’s International Debt Statistics 2020 shows.
Mini grids have the potential to provide electricity to as many as 500 million people by 2030, with the right policies and about $220 billion of investment to build around 210,000 mini grids.
Crude oil prices are expected to average $66 a barrel in 2019 and $65 a barrel in 2020, a downward revision from the October forecast due to the weaker-than-expected global growth outlook and greater-than-anticipated U.S. production, the World Bank said.
Focus on Agent Networks in the Democratic Republic of the Congo for better financial, economic, and social inclusion
In the DRC, the use of informal financial services remains strongly anchored among the population. In this context, a careful selection of agents appears to be a good alternative at a lower cost to the provision of financial services.
“At the beginning of 2018 the global economy was firing on all cylinders, but it lost speed during the year and the ride could get even bumpier in the year ahead. As economic and financial headwinds intensify for emerging and developing countries, the world’s progress in reducing extreme poverty could be jeopardized. To keep the momentum, countries need to invest in people, foster inclusive growth, and build resilient societies.”
Kristalina Georgieva World Bank Chief Executive Officer