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World Bank warns global temp. could rise devastating 4 degrees this century

globalwarming.istock

The World Bank warned Sunday that global temperatures could rise by four degrees this century without immediate action, with potentially devastating consequences for coastal cities and the poor. Issuing a call for action, the World Bank tied the future wealth of the planet — and especially developing regions — to…

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World leaders meet on disaster management in Japan

Earthquake via AFP

SENDAI, Japan — Politicians and aid officials will gather in Japan’s quake- and tsunami-hit northeast Tuesday to discuss what lessons can be learned from disasters. Pre-emptive measures to reduce damage — and save lives — when nature strikes will be top of the agenda at this two-day conference, part of…

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World Bank: Morocco youth unemployment is ‘very serious’

The World Bank on Friday described the problem of youth unemployment in Morocco as "very serious," with similarities to other countries in the region where youth-led protests brought about regime change. "It is a very serious problem," Inger Andersen, the bank's vice president for the Middle East and North Africa, told AFP, speaking in Rabat at the end of a two-day visit to Morocco. The World Bank published a report in June that said around 30 percent of Moroccans aged between 15 and 29 -- who account for 44 percent of the working age population -- were unemployed. But Andersen cautioned that such statistics did not reflect a key aspect of the problem, namely that many of those out of work had "given up" on the labour market. "They are not active job seekers." She said the bank had yet to carry out similarly detailed studies on the unemployment situation elsewhere in the MENA region, but said provisional research also indicated "very high" levels of youth unemployment. "I think we are finding a lot of similarities among the Arab Spring countries," she said. "And in fact it was indeed the youth that spoke out for change," she added. Morocco has mostly been spared the unrest that swept North Africa last year, toppling the leaders of Tunisia, Egypt and Libya. King Mohammed VI managed to contain the protest movement by introducing significant reforms to curb his near-absolute powers, culminating in November elections that saw a moderate Islamist party win most seats and head a coalition government. But there are sporadic protests and social discontent persists, particularly among Morocco's youth population, driven partly by the lack of job opportunities. Andersen said Morocco's economic growth was likely to slow from 4.9 percent last year to around 3 percent in 2012, due to its heavy reliance on trade with the eurozone, and warned of the challenges that rising food prices were likely to cause the government. Morocco's budget deficit hit a record 6.1 percent of GDP last year, caused by rising international commodity prices and the growing subsidies bill, notably on food, and some fear that it could rise further. Although the country is an agricultural producer, the cost of food remains relatively high in 2012, caused by a harsh drought that has badly affected agricultural output and a 20 percent rise in petrol prices. Finance Minister Nizar Baraka, quoted by the official MAP news agency, said on Wednesday that the government hoped to bring the budget deficit down to just 5 percent this year, mainly thanks to an improved fiscal situation.

The World Bank on Friday described the problem of youth unemployment in Morocco as “very serious,” with similarities to other countries in the region where youth-led protests brought about regime change. “It is a very serious problem,” Inger Andersen, the bank’s vice president for the Middle East and North Africa,…

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U.S. ag secretary: I ‘say an extra prayer’ for rain

Screenshot of Secretary of Agriculture Tom Vilsak via YouTube

The drought scouring the farming heartlands of the United States is the worst for 25 years, Agriculture Secretary Tom Vilsack said Wednesday, after briefing President Barack Obama. The United States is the world’s biggest producer of corn and soybeans, and the warning came as prices surged and some farmers warned…

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Korean-American Kim takes helm at World Bank

World Bank President Jim Yong Kim via AFP

WASHINGTON — New World Bank President Jim Yong Kim warned Monday that the eurozone crisis poses a deep threat to the global economy as he launched into his first day leading the development lender. The Korean-American physician, who won a contest against developing country candidates in April to run the…

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World Bank: Developing countries need bigger economic buffers

Urban scene from a developing country via Antonio V. Oquias / Shutterstock

The World Bank on Tuesday urged developing countries to build up their buffers against financial storms arising from the high-income countries, especially in Europe. Developing countries have fewer means to weather shocks to their economies than they had in 2007, before the global financial crisis accelerated, and need to prepare…

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World’s city dwellers face ‘garbage crisis’

Chinese garbage collectors via AFP

The world’s city dwellers are fast producing more and more trash in a “looming crisis” that will pose huge financial and environmental burdens, the World Bank is warning. Urban specialists said the growing pile of trash from urban dwellers is as daunting as global warming and the costs will be…

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World Bank helps corporations with land grabs in Africa: Environmental groups

Photo of African farmer via Elize Lotter / Shutterstock

The World Bank is helping corporations and international investors snap up cheap land in Africa and developing countries worldwide at the expense of local communities, environment and farm groups said in a statement released on Monday to coincide with the bank’s annual land and poverty conference in Washington DC. According…

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US faces deadline to nominate World Bank chief

Nigerian Finance Minister Ngozi Okonjo-Iweala via AFP

The United States faced a deadline Friday to nominate a new World Bank chief, as strong candidates backed by emerging countries ramped up the pressure on Washington to name a high-profile figure. The White House has until 6:00 pm (2200 GMT) to nominate a candidate to succeed Robert Zoellick at…

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Number of poor people in developing countries dropped to record low levels: study

Number of poor dropping

The number of poor people in developing countries dropped to record low levels between 2005 and 2008, the World Bank said in a report out Wednesday. “This across-the-board reduction… marks a first since the bank began monitoring extreme poverty,” the global institution said. The study, based on some 850 household…

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