Finance & Economics | WPN World People News

Finland recovered rapidly from the COVID-19 shock but growth has stalled following Russia’s war of aggression against Ukraine. Soaring inflation has reduced household disposable income in Finland and its trading partners, slowing the economy, according to a new OECD report.

Finland recovered rapidly from the COVID-19 shock but growth has stalled following Russia’s war of aggression against Ukraine. Soaring inflation has reduced household disposable income in Finland and its trading partners, slowing the economy, according to a new OECD report.

Nigeria’s economy needs to grow faster to reduce poverty. Despite favorable global oil prices, “business as usual” economic management is not delivering desired outcomes and, even if a crisis is avoided in the near-term, long-standing policy and institutional challenges are persisting and severely constraining the economy. This hinders the prospects of the vast majority of the country’s people, at least 80 million of whom live in extreme poverty. Whether to continue down this path, or to instead chart a new course and rise to its tremendous potential, is Nigeria’s choice. This is the theme of the latest World Bank Nigeria Development Update (NDU): “Nigeria’s Choice”.

Efficient repurposing of post-mining lands can improve the economic attractiveness of Polish coal regions, unlock the creation of new jobs, and play an important role in the country’s energy transition. These are some of the key findings of a series of World Bank reports presented during a conference on Thursday.

The unemployment rate in the OECD remained at 4.9% in October 2022, the fifth consecutive month at this record low rate since the start of the series in 2001. This average rate masks wide differences across countries with the unemployment rate at its record low only in Australia and France . The number of unemployed workers in the OECD was stable at 33.3 million.

Gross domestic product (GDP) in the G20 area grew by 1.3% quarter-on-quarter in the third quarter of 2022 according to provisional estimates, after shrinking by 0.3% in the second quarter. By contrast, in the OECD area GDP growth remained weak in Q3 2022 at 0.4%.

Thailand’s economy is projected to recover to its pre-pandemic level in 2022, but the pace of growth will be slower-than-expected in 2023 owing to global headwinds. The economy is projected to expand by 3.4 percent in 2022 and 3.6 percent in 2023. Growth in 2023 has been revised down by 0.7 percentage point compared to June projections reflecting faster-than-expected decline in global demand. Tourism sector recovery and private consumption will remain the major drivers of growth.

Mongolia has an opportunity to strengthen its business environment to create a more level-playing field for companies, particularly small and medium enterprises, (SMEs) and facilitate a more productive private sector beyond the mining sector, according to a World Bank report released, on December 19.

The World Bank Group launched the Iraq Country Climate and Development Report (CCDR) in partnership with the Government of Iraq in a high-level roundtable held at the Prime Minister’s Guest House in Baghdad and attended by high-level officials and international partners, and media, on December 12.

The global economy is expected to slow further in the coming year as the massive and historic energy shock triggered by Russia’s war of aggression against Ukraine continues to spur inflationary pressures, sapping confidence and household purchasing power and increasing risks worldwide, according to the OECD’s latest Economic Outlook.