Finance & Economics | WPN World People News

Advanced economies remain the global leaders in trade logistics, finds Connecting to Compete, a new World Bank Group report released on July 24. Across the board, most countries have pursued logistics-related reforms and investments to build infrastructure, facilitate transportation and trade, or develop modern services. Despite this progress, the sixth edition of Connecting to Compete reveals a mixed picture. High-income countries score, on average, 48% higher than low-income countries when it comes to logistics performance.

On July 16, 2018, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Saudi Arabia.

Real GDP growth is expected to increase to 1.9 percent in 2018, with non-oil growth strengthening to 2.3 percent. Growth is expected to pick-up further over the medium-term as the reforms take hold and oil output increases.

In response to an increasingly difficult situation, on July 24, the World Bank’s Board recommended the allocation of US$90 million to accelerate much-needed economic welfare for the Palestinian people, an increase from its yearly disbursement of US$55 million. The funds, in the form of grants, will be transferred from the Bank’s own income to the dedicated Trust Fund for Gaza and West Bank.

An International Monetary Fund (IMF) staff team led by Karen Ongley visited East Jerusalem and Ramallah during July 8–19, 2018, to assess recent economic developments in the West Bank and Gaza. The IMF team met with Finance Minister Bishara, Governor Shawwa, and other Palestinian officials.

Canada is one of the OECD economies delivering the best outcomes for its citizens, according to a new OECD report presented in Ottawa by OECD Chief of Staff and G20/G7 Sherpa Gabriela Ramos, on July 23. Canada scores highly in all dimensions of the OECD’s Better Life Index, especially in regards to self-reported well-being, personal security and health status.

The Executive Board of the International Monetary Fund (IMF), on July 23, completed the fifth review of the arrangement under the Extended Credit Facility (ECF) for São Tomé and Príncipe. The Board’s decision enables the immediate disbursement of SDR 634,285 (about US$0.9 million), bringing total disbursements under the arrangement to roughly SDR 3.81 million (about US$5.3 million).

OECD Secretary-General Angel Gurría and Argentina’s Minister of Treasury Nicolás Dujovne, on July 22, presided over the signing of a Memorandum of Understanding to establish a centre of the OECD Academy for Tax and Financial Crime Investigation in Buenos Aires, Argentina.

The World Bank on July 20, announced a settlement with Tokyo-based NEC Corporation (NEC), an information technology services company that engaged in collusive practices when bidding for a contract under the Hanoi Urban Transport Development Project in Vietnam, which closed in 2016.

The Minister of Regional Development and European Union (EU) Funds, Gabrijela Žalac, and the World Bank Country Manager for Croatia and Slovenia, Elisabetta Capannelli, on July 20, signed a technical assistance agreement to support the Croatian Government in increasing the efficiency and effectiveness of EU funding for Eastern Croatia with the aim of catalyzing new private sector investments, increasing employment and improving living conditions.

The UK’s approach to calculating packaging recycling rates is not sufficiently robust, and government appears not to have faced up to underlying recycling issues, says in the report by the National Audit Office (NAO) on Jul 23, 2018.