Finance & Economics | WPN World People News

Kazakhstan’s real gross domestic product (GDP) growth is projected at 3.8% for 2018 – down from 4.1% in 2017 – and to stabilize at around 3% in the medium term, according to the World Bank’s latest Kazakhstan Economic Update.

The fifth edition of Revenue Statistics in Asian and Pacific Economies – released today – shows that tax-to-GDP ratios fell in most of the 16 Asian and Pacific economies covered by the report between 2015 and 2016 due to a combination of policy reforms and decreasing natural resource prices.

The Former Yugoslav Republic (FYR) of Macedonia has considerable potential to accelerate economic growth, reduce poverty, and promote improvements in the living standards of its citizens, especially for those at the bottom of the income distribution, states a new World Bank report released on November 29.

Economic growth does not necessarily go coupled with well-being. The first industrialised countries increased their populations’ well-being with rates of economic growth lower than those experienced by emerging economies: many of the latter are struggling to convert faster Gross Domestic Product (GDP) growth into substantive and lasting well-being improvements for their citizens.

A new project to improve the efficiency and effectiveness of budgeting and reporting in Marshall Islands was today launched by the World Bank’s Regional Vice President for East Asia and the Pacific, Victoria Kwakwa and the Minister of Finance for the Republic of the Marshall Islands, Honorable Brenson S. Wase in the Marshallese capital, Majuro.

On November 21, 2018, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Japan.

While global economic prospects continue to moderate, and risks have heightened, Cambodia continues to grow, according to the latest edition of the World Bank’s Cambodia Economic Update report, released on November 28. The growth rate is expected to be marginally higher than last year, reaching 7.1 percent in 2018, driven primarily by domestic consumption and exports.

The World Bank Board of Directors, on November 27, endorsed a new Country Partnership Framework for Thailand, defining the strategic focus of the World Bank Group’s engagement with the country from 2019 to 2022. This partnership framework will support Thailand’s transformation towards an innovative, inclusive, and sustainable economy.

The World Bank Group (WBG) Board of Executive Directors, on November 27, endorsed a six-year Country Partnership Framework (CPF) to support Liberia’s effort to achieve sustainable, resilient pro-poor economic growth and development. The CPF responds to the country’s strategic priorities in its Pro-Poor Agenda for Prosperity and Development strategy and incorporates views from a wide range of stakeholders following consultations held across the country.

A sustained increase in oil prices over the past two years has driven an economic recovery in the Gulf Cooperation Council (GCC) countries, but government-led reforms need to continue to keep up the momentum, according to the World Bank’s biannual Gulf Economic Monitor released in Riyadh, on November 27.