Finance & Economics | WPN World People News

After a sharp contraction in economic activity in 2015, initial signs of stabilization are beginning to emerge, according to the World Bank’s latest Ukraine Economic Update. Unprecedented shocks from the conflict in the East and lower global commodity prices, along with considerable fiscal and external adjustment, have led to a contraction of real GDP by almost 10 percent in 2015. At the same time, de-escalation of the conflict since September 2015 and reforms have contributed to stabilizing confidence. However, the current political uncertainty poses a serious risk to continued reforms and economic recovery in Ukraine.

On March, 30, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Nigeria.
The Nigerian economy is facing substantial challenges. While the non-oil sector accounts for 90 percent of GDP, the oil sector plays a central role in the economy.

Kenya’s economy is projected to grow at 5.9% in 2016, recording an improvement over the 5.6% estimated for 2015, says a new World Bank Group economic report released on March 31. The Gross Domestic Product (GDP) is expected to improve further to 6% in 2017.

Population growth and increasing prosperity are driving and changing global demand for agricultural products, while other challenges, like climate change and increased competition for limited natural resources like land and water, loom on the horizon.

The World Bank’s Board of Executive Directors approved a $150 million loan to China to help clean up brownfields in Zhuzhou Municipality in Hunan Province, on March 31.

A joint International Monetary Fund (IMF) and World Bank (WB) mission, led by Karl Habermeier (IMF) and Aurora Ferrari (WB), visited Moscow during March 15–30, 2016 to conduct an assessment under the Financial Sector Assessment Program (FSAP). The FSAP assessed financial sector strengths and vulnerabilities, and reviewed the supervisory framework, contingency arrangements, and measures to promote financial sector development. The mission met with Ms. Elvira Nabiullina, Governor of the Central Bank of Russia (CBR), other senior central bank and government officials, as well as financial sector representatives, including banks.

Kenya’s economy is projected to grow at 5.9% in 2016, recording an improvement over the 5.6% estimated for 2015, says a new World Bank Group economic report released on March 31. The Gross Domestic Product (GDP) is expected to improve further to 6% in 2017.

Countries should modernise their consumer protection laws to address new risks posed by online commerce, including “free” apps and peer-to-peer Internet transactions, according to new OECD guidelines for member countries and emerging economies.

A new World Bank report estimates the Palestinian mobile sector revenue losses at more than US$1 billion in the last three years. The Palestinian Authority's fiscal losses for the same period are as high as US$184 million, counting non-collected VAT alone, up to 3.0% of the GDP.